In a bid to control the Artificial Intelligence (AI) driven Unified Payments Interface transactions, the National Payments Corporation of India (NPCI) has halved the maximum number of peer-to-peer transactions that are carried from the same account in a single day.
Through its official communication issued on October 21, NPCI said that it had curtailed down the daily UPI transactions from each account to 10, from 20 previously.
“The UPI transaction frequency limit has been revised to…10 transactions per bank account for P2P segment in a span of 24 hours where the timestamp of the first transaction is considered as start time,” said the circular uploaded on NPCI website.
However, the circular also clarifies that the limit is applicable only to peer-to-peer transactions as merchant payments have no such limits. The new limit has been brought into effect from October 21 and member banks and service providers are directed to make those changes on their platforms as well and inform customers accordingly.
“NPCI has been working towards meaningful and genuine traffic flow through UPI. This is one of the several measures for continuing such efforts. Now that UPI is two years old and real traffic is driving growth, we believe10 transactions per day should be good enough for P2P. There are no restrictions for P2M transactions,” said Dilip Asbe, chief executive officer, NPCI.