UPI transactions in dollars will very soon be possible
By MYBRANDBOOK
The Unified Payments Interface system is poised for a significant update that will allow transactions to be conducted in dollars. This will open doors for seamless transactions across global borders in respective currencies. The National Payments Corporation of India and the Reserve Bank of India are actively engaged in discussions with SWIFT to materialise this shift.
SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is an internationally acknowledged system facilitating inter-country bank transactions. This integration will enhance the efficiency and ease of conducting international business through UPI.
In addition to this development, RBI Governor Shaktikanta Das, during the Monetary Policy Committee (MPC) meeting on December 8, unveiled significant decisions regarding UPI. Notably, the UPI payment limit for hospitals and educational institutions has been raised from ₹1 lakh to ₹5 lakh, effective immediately.
Furthermore, the central bank increased the limit for e-mandate, commonly known as auto-debit, to ₹1 lakh per transaction. This can be utilized for purchasing mutual funds through systematic investment plans (SIP) and for regular payment of insurance premiums. It is also applicable for credit card payments.
Previously, OTP-based authentication was mandatory for UPI auto payments exceeding ₹15,000. With this development, the additional factor of authentication (AFA) is no longer obligatory for transactions up to ₹1 lakh.
UPI, India's pioneering mobile-based payment system, enables users to execute instantaneous, round-the-clock payments through a Virtual Payment Address (VPA).
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