UPI
The number of people making online payments through UPI is doubling day and quadruple at night. Because of UPI, India is at the top in the world in terms of digital payments. Talking about NPCI data released in November, about 15.48 million transactions were done through UPI, whose value was Rs 21.55 lakh crore. National Payments Corporation of India, a unit of the Reserve Bank of India, has made 5 new changes in UPI, due to which crores of UPI users have benefited.
UPI123PAY limit increased
NPCI has decided to increase the limit of UPI123PAY service used for feature phone users, so that feature phone users can also transact in larger quantities through UPI. The daily limit for transactions through UPI123PAY was earlier Rs 5,000, which has now been increased to Rs 10,000. Feature phone users can do UPI transactions through missed call or IVR.
UPI Lite
Along with UPI123PAY, it has also been decided to increase the limit of UPI Lite this year. The limit of UPI Lite wallet was earlier Rs 2,000, which has now been increased to Rs 5,000. Through UPI Lite, users can make small value payments without entering PIN.
UPI transaction
auto top-up
Along with increasing the limit of UPI Lite wallet, NPCI has removed pre-debit notification for top-up. Users’ wallet will be automatically topped up without any additional authentication. As soon as the balance of UPI wallet decreases, the user’s wallet will be automatically topped up. However, for this, there should be sufficient amount in the user’s bank account.
UPI transaction limit
NPCI has increased the daily limit of UPI from Rs 1 lakh to Rs 5 lakh for some payments. Users can make payments up to Rs 5 lakh in a day through UPI for hospital, educational institution payments and IPO etc. At the same time, you will be able to pay up to Rs 2 lakh for insurance and share market related transactions.
UPI Circle
UPI Circle
National Payment Corporation has started the Delegated Payment Facility UPI Circle this year. In this, primary UPI users will be able to add family members and friends to their circle. The primary user has the right to set the transaction limit of the secondary members present in his circle. Also, the secondary user can use the primary member’s bank account for UPI transactions. For every UPI transaction, the primary member has to give approval.
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