New Delhi: Users making payments through Unified Payments Interface (UPI) will now be able to send more money. Actually, from September 15, the daily transaction limit through UPI will increase. With this, users will be able to transact large amounts depending on the type of payment.
Let us tell you that the 24-hour limit has been increased to 10 lakhs for categories like insurance premium, travel, capital market payments. At the same time, this limit is now Rs 6 lakh for categories like credit card payment and jewelery. A complete chart of modified transaction limits has been shared by Bharat Interface for Money (BHIM).
Recent changes in UPI system
The popular UPI digital payment system has recently undergone many important changes including auto payment processing and balance inquiry. NPCI has recently made it mandatory to cut off autopayments during non-peak hours – before 10 am, from 1 pm to 5 pm and after 9:30 pm – to reduce the load on UPI apps and improve efficiency.
Limit to view remaining balance set
Apart from this, it has also been told that users will be able to view their remaining balance only 50 times a day, which will limit inquiries. To prevent fraud, it has been informed that the name of the recipient will be shown to the sender before each transaction. Let us tell you that these changes were implemented from August 1.
Big step in digital payments
This decision of NPCI is going to further encourage digital payments in India. In areas like tax and insurance where large payments are often made online, this change will bring convenience to the people. Apart from this, it will also be convenient for traders and investors, as they will no longer need to make repeated transactions for payment.
What is Unified Payments Interface?
Unified Payments Interface is a real-time digital payment system that allows users to send money, pay bills and manage accounts through a single app. It has been developed by the National Payments Corporation of India (NPCI).
