A great shock in store for citizens: Regulations for Gpay and PhonePe Users!
Posted on: 19/Dec/2022 3:01:57 PM
Information gathered that certain regulations are to be implemented in Gpay and PhonePe transactions have sent severe shock—waves among the users!
Changing the earlier practice of all transactions through cash, the system of digital transactions was introduced a few years ago!
The citizens were gradually changing over to this mode of digital transactions. As such, with the onset of the raging impact of the coronavirus pandemic, right from tea shops to jewellery shops, all traders had also adopted the digital transaction mode!
As per the statistics revealed by the National Payment Corporation of India (NCPI), a sum of Rs. 11 Lakhs Crores of digital transactions were done in September alone through Gpay, PhonePe and other UPI Apps.
In this scenario, in a recent meeting conducted by NCPI, a decision has been taken to impose certain restrictions on the usage of all UPI Apps!
Information is gathered that an announcement is to be released shortly regarding the number of times the UPI Apps can be used in a single day, and the amount to be spent.!
As a first regulation, an individual can spend only a maximum of Rs. 1 Lakh per day using the UPI Apps! Canara Bank has restricted the amount per day on digital transactions to Rs. 25000/-! As such, each ban can set its limits.
Secondly, an individual can use digital transactions only up to 20 times per day!
Further information is gathered that the limits of the number of digital transactions per day, and the maximum amount that can be sent will all be varying as decided from bank to bank!
It is expected that an official announcement regarding this will be released before the end of the year 2022!
With this development, all UPI Apps users have been reeling under these shock regulations!
