The National Payments Corporation of India (“NPCI”) has issued the following directions pursuant to RBI’s ‘Statement on Development and Regulatory Policies’ dated 9th October, 2024:
- Members have to increase their per transaction limit from Rs.5,000 to Rs. 10,000.
- Members have to implement onboarding with Aadhar OTP in UPI 123Pay.
- Members have to collectively identify and tag UPI 123Pay transactions
- Members have to implement UPI Number functionality through integration with UPI numeric ID mapper.
All members have to complete the integration by 1st January, 2025.
Please note, the Notification is dated 25th October, 2024 but it has been made available in the official website of NPCI recently.
Please refer to the Circular hyperlinked below for a detailed read.
Source: National Payments Corporation of India
