The National Payments Corporation of India (NPCI) has announced: “the reduction in maximum number of P2P (peer-to-peer) transactions from 20 to 10 per bank, in an aim to bring genuine transactions in the UPI ecosystem.”
In a press release issued on Oct 22, NCPI said: “The limit is inclusive only for P2P transactions originating from a unique banks accounts.”
“However, there are no restrictions for person-to-merchant (P2M) transactions” circulation added.
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In an interview with Economic Times, NCPI CEO Dilip Asbe said: “NPCI has been working towards meaningful and genuine traffic flow through UPI and 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 believe 10 transactions per day should be good enough for P2P and there are no restrictions for P2M (People to Merchant) transactions,” he added.
In September this year, UPI recorded 405.87 Mn transactions valued at $8.18 billion (INR 59,835 Cr), as against 312 Mn transactions for a value of $7.41 Bn (INR 54,212 Cr) in August, 235.6 Mn in July, and 246 Mn in June, this year.