If you use UPI on a daily basis, you should know the latest payment limits with different UPIs. ET Finance online explains the daily payment limits for UPI, UPI Lite, and UPI123Pay.
UPI payment per transaction: Latest updates
The maximum limit for UPI peer-to-peer payments is Rs 1 lakh, but this can vary widely. Each bank has the discretion to set their own limits, which can range from Rs 5,000 to Rs 1 lakh or more. Additionally, different UPI apps may have their own limitations, which also affect how much you can do. Banks can also set daily limits for customers based on various factors.
For certain types of trading such as mass market trading, collections, insurance, and foreign exchange, the limit is higher than Rs 2 lakh per day.
People can now make UPI payments up to Rs 5 lakh for transactions in the following categories: a) tax payments, b) hospitals and educational institutions, and c) IPOs and direct sales by RBIs.
As you can see, UPI limits are different for different brands. Therefore, it is important to check with your bank and UPI app to confirm their exact limitations. Therefore, the amount of money you can make through the UPI app depends on the combination of your bank, the UPI app you are using, and the type of transaction you are making.
UPI Lite charges increased: All you need to know
UPI Lite is a wallet that allows you to make small transactions without having to enter your UPI PIN. To use UPI Lite, you simply add money from your bank account to your wallet. Once your wallet is full, you can use the previously loaded funds to make a payment. Several popular UPI apps, including Google Pay, PhonePe, Paytm, and BHIM, offer UPI Lite functionality to their users.
Earlier, the transaction limit was Rs 500. The limit you can store in your UPI Lite wallet is Rs 2,000.
To encourage the adoption of UPI Lite, the Reserve Bank of India (RBI) has decided to increase the limit of UPI Lite from Rs 500 to Rs 1,000. Additionally, it has also increased the UPI Lite wallet limit from Rs 2,000 to Rs 5,000.
Vikkas Goyal, Founder of Rupee112 says, “RBI’s decision to increase the UPI Lite wallet limit and raise the UPI 123Pay cap represents a turning point in greater financial inclusion.”
UPI123Pay limit increased
The regulator has proposed to increase the UPI123Pay limit from Rs 5,000 to Rs 10,000.
UPI 123Pay is a payment system designed for mobile phone users. It allows you to make UPI payments offline. To use UPI 123Pay, you need to create a UPI ID and set a 4-6 digit PIN. Every time you make a transaction, you will need to enter your PIN. If you have a UPI PIN from another app, you can use the same with UPI 123Pay.
To use UPI 123Pay, you need to dial a number from your mobile phone. You will then hear a menu prompt guiding you through the payment process. Select the desired service, verify the beneficiary details, and enter your UPI PIN to complete the service.
Dilip Modi, Founder & CEO of Spice Money, “RBI’s decision to increase UPI 123Pay limit to Rs 10,000 and UPI Lite wallet limit to Rs 5,000 is about to be a turning point in deepening digital economy in India, especially in Indian regions. rural and urban minorities By expanding the coverage of UPI 123Pay & UPI Lite, RBI is helping a large section of our people especially those who do not have access to mobile phones or reliable internet to conduct transactions in their daily lives will further democratize the payment of money digitization is driving economic growth in areas previously underserved by traditional banks, and promoting safe and secure transactions across the country.”
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