In a significant move to enhance the user experience, the Reserve Bank of India (RBI) has rolled out major upgrades to the Unified Payments Interface (UPI) system. These changes aim to simplify transactions and cater to millions of users across the nation. Whether you’re a Google Pay, PhonePe, Paytm user, or even someone using a feature phone, these updates are designed to benefit you.
Increased Transaction Limits for UPI123Pay
The RBI has raised the transaction limits for UPI123Pay, especially for feature phone users, allowing them to send up to Rs 10,000 instead of the previous cap of Rs 5,000. This enhancement makes it easier for feature phone users to conduct their financial transactions seamlessly.
It’s essential to note that this increased limit applies solely to UPI123Pay. For popular UPI apps like PhonePe, Paytm, and Google Pay, the daily transaction limit remains at Rs 1 lakh. However, in emergencies, such as medical needs, this cap has been raised to Rs 5 lakh, ensuring quick access to funds when it matters most.
UPI Circle: A New Way to Share Payments
The UPI Circle feature has also received a significant update. Previously exclusive to BHIM app users, this feature will now be available on other platforms like PhonePe, Paytm, and Google Pay. Users can create shared payment circles, allowing family members or friends to join. Secondary users can make payments with the primary user’s approval or receive a specific spending limit. This is particularly beneficial for parents who wish to grant their children limited financial freedom without opening separate bank accounts.
As of 2024, UPI transactions have surged, with the Ministry of Finance reporting 15,537 crore transactions from January to November, amounting to an impressive Rs 223 lakh crore in total transaction value. These updates will empower even more users to engage in daily transactions effortlessly.
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