There is excellent news if you also use UPI payments while making payments online. In the New Year, those who make online contributions to the Central Government receive yet another gift. These days, using UPI to make payments has never been simpler, and its usage is growing rapidly. However, the government decided to raise the UPI limit to 5 lakh after initially setting it at 1 lakh. It will only be advantageous, though, in specific circumstances.
The government had
previously stated that you could not use UPI to send more than Rs 1 lakh in a single day. In addition, the Reserve Bank and NPCI have now worked together to find a solution to this issue. You can now create payments up to Rs 5 lakh at one time through UPI. The regulation will take effect on January 10th. The payment cap for necessary institutions, such as hospitals and schools, has recently been raised by NPCI. In facilities like hospitals and schools, you can make online payments of up to Rs 5 lakh. What makes this higher limit unique is that it will only apply to “verified merchants.” We would like to inform you that this new regulation will take effect on January 10.
UPI emerges as the go-to payment method.
The NPCI circular dated December 19, 2023 states that UPI has become the accepted payment method. The transaction limit in this case is Rs 2 lakh if we discuss the capital market (AMC, brokerage, mutual funds), collection (credit card payments, loan repayments, EMI), insurance, etc. However, in other normal circumstances, the limit of UPI is Rs 1 lakh. The immediate payment mechanism is called the Unified Payments Interface (UPI). The National Payment Corporation of India is the company that developed it. The IMPS (Immediate Payment Service) network serves as the foundation for UPI. Through UPI, you can rapidly move money across bank accounts.
In 2023, how many transactions this much
transactions are currently rising nationwide extremely quickly. In the final month of 2023, there was a record rise in transactions. The transfers have been used to make transactions totaling Rs 18.23 lakh crore in the past month. Comparing that to the same month in 2022, it is roughly 54% greater. By 2023, almost 100 billion UPI transactions will have taken place.
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