The number of people making online payments via UPI doubled during the day and quadrupled at night. India leads the world in digital payments thanks to UPI. Talking about the NPCI data released in November, around 15.48 million transactions were completed through UPI with a transaction value of Rs 2,155 crore. The National Payments Corporation of India, a subsidiary of the Reserve Bank of India, has introduced 5 new changes in UPI, benefiting tens of millions of UPI users.
UPI123PAY limit increased
NPCI has decided to increase the limit of UPI123PAY service used by feature phone users so that feature phone users can also conduct large transactions 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 make UPI transactions through missed calls or IVR.
UPI Lite
Along with UPI123PAY, it has also been decided to increase the limit of UPI Lite this year. The limit for UPI Lite wallet was earlier Rs 2,000, which has now been increased to Rs 5,000. With UPI Lite, users can make micropayments without entering a PIN.
Unified payment interface transactions
Automatic recharge
With the increase in UPI Lite wallet limits, NPCI has removed pre-debit notifications for recharges. The user’s wallet will be automatically recharged without any additional identity verification. Once the UPI wallet balance decreases, the user’s wallet will be automatically recharged. However, for this, the user should have a sufficient amount in his bank account.
UPI transaction limit
NPCI has increased the UPI daily limit for partial payments from Rs 1 lakh to Rs 5 lakh. Users can pay up to Rs 5 lakh per day through UPI for hospital, educational institution payments, IPOs, etc. At the same time, you will be able to pay insurance and stock market related transaction charges up to Rs 2 lakh.
UPI circles
UPI circles
The National Payments Corporation this year launched UPI Circle, an entrusted payments facility. During this process, primary UPI users will be able to add family members and friends to their circles. Primary users have the right to set transaction limits for secondary members within their circle. Additionally, secondary users can also use the primary member’s bank account for UPI transactions. For every UPI transaction, approval from the primary member is required.
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