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Yes, the ASBA payment for IPO application will go away for retail investor from March 31st 2019 or 5 mainboard IPO whichever is later.

Stock brokers are in discussion with SEBI to relax the rule of multiple application from same bank account but it is unlikely that SEBI will change the rule.

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Page 2 of the circular from SEBI says:
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Phase I: From January 01, 2019, the UPI mechanism for retail individual investors through intermediaries will be made effective along with the existing process and existing timeline of T+6 days. The same will continue, for a period of 3 months or floating of 5 main board public issues, whichever is later.

Phase II: Thereafter, for applications by retail individual investors through intermediaries, the existing process of physical movement of forms from intermediaries to Self-Certified Syndicate Banks (SCSBs) for blocking of funds will be discontinued and only the UPI mechanism with existing timeline of T+6 days will continue, for a period of 3 months or floating of 5 main board public issues, whichever is later.

Phase III: Subsequently, final reduced timeline will be made effective using the UPI mechanism.

@Admin Thank you very much. So once UPI comes into play, retail will not be able to apply online for any IPO. Only physical forms will be the way to apply right?