UPI123Pay transaction limit raised from Rs 5,000 to Rs 10,000 per day.
UPI Circle expands to more platforms, allowing delegated payments even without a bank account.
Daily transaction limit for smartphone apps like PhonePe, Paytm, and Google Pay remains Rs 1 lakh, with Rs 5 lakh for emergencies.
Reserve Bank of India (RBI) has introduced some massive upgrades to the Unified Payments Interface (UPI) system in order to make the transactions easier with improved user experience. The changes include increasing the transaction limits, bigger UPI circles, which as per RBI, can benefit millions of users.
If you are a Google Pay, PhonePe, Paytm or even a feature phone user, here are all the changes that have been implemented and can benefit you.
Increased Transaction Limits for UPI123Pay
The authority has raised the UPI123Pay transaction limits for feature phone users. Users of the feature phone can now send up to Rs 10,000. The previous cap was set at Rs 5,000. This makes it simpler for feature phone users to conduct their financial transactions because users can now send more money using UPI123Pay.
However, it should be noted that this increased limit only applies to UPI123Pay. Well-known UPI apps for smartphones, such as PhonePe, Paytm, and Google Pay, will still permit daily transactions up to Rs 1 lakh. The daily cap has been increased to Rs 5 lakh for medical emergencies, which is the main exception and guarantees prompt access to money in an emergency.
UPI Circle
Along with increased transaction limits, the UPI Circle has also got a significant update. The UPI Circle, which allows users to add family members or friends to a shared payment circle, will be added to other platforms like PhonePe, Paytm, and Google Pay. Till now, the feature was limited to BHIM app users. Through this feature, the secondary users will be able to make payments with the approval of the primary user or can be assigned a specific limit. This feature is useful for parents who want to give their children limited financial freedom without opening their bank accounts.
Meanwhile, UPI has seen a massive growth in 2024. As per Ministry of Finance, 15,537 crore transactions were recorded from January to November 2024, with the total transaction value reaching a massive Rs 223 lakh crore. These changes will now enable more users to make daily transactions.
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Ashish Singh
Ashish Singh is the Chief Copy Editor at Digit. Previously, he worked as a Senior Sub-Editor with Jagran English from 2022, and has been a journalist since 2020, with experience at Times Internet. Ashish specializes in Technology. In his free time, you can find him exploring new gadgets, gaming, and discovering new places. View Full Profile
