The National Payments Corporation of India (NPCI) on November 16, 2023, notified regarding the compliance to Merchant Onboarding in UPI and Usage limits with reference to NPCI/UPI/OC No.70/2019-20 and NPCI/UPI/OC No 72/2019-20, NPCI had Introduced P2PM category of merchant with an intent of bringing small merchant or vendors with low value ticket size into the digital framework.
As per UPI guidelines, the obligation to acquire, manage and monitor merchant is the responsibility of acquiring member banks and they shall take full liability for the merchants on-boarded by them either directly or through aggregator/partners.
To align the UPI usage to the appropriate category of P2P, P2PM and P2M the guidelines are being issued to the eco-system:
In continuation to NPCI circular NPCI/UPV/OC No 141/2021-22 dated March 24, 2022, NPCI has defined the limit for the user to receive funds in their bank account via P2P in 24 hours. With reference the point of circular, the limit is further revised to
o 25 successful transactions AND
o 4.0 lakh cumulative credit limit
The mentioned change is to be implemented by December 10, 2023.
[Notification No. NPCI/UPI/OC181/2023-24]
