The post UPI Transaction Limit 2022 in a nutshell! appeared first on PayU Blog.
]]>It enables the user to pay different merchants from one mobile application and supports multiple bank accounts. The application was first launched on 11th April 2016 by Dr. Raghuram Rajan, the ex-honorable governor of RBI.
| 1. | How Much Money Can You Transfer via UPI, and What is the General Limit? |
| 2. | UPI Partner Bank-Wise Limits |
| 3. | UPI AutoPay |
| 4. | Pay Limit of BHIM App |
| 5. | New Rules Regarding UPI Fund Transfer |
How Much Money Can You Transfer via UPI, and What is the General Limit?
Ideally, the limit on UPI transactions is Rs 1 lakh which can be made in 20 transactions per day. The maximum payment we can make through UPI varies from bank to bank, and the table below mentions it.
UPI Partner Bank-Wise Limits
We have mentioned the top 15 banks to understand the per day and transaction limit.
| Sr. No. | Bank Name | Per Transaction Limit (INR) | Per Day Limit (INR) | Per Week Limit | Per Month Limit |
| 1 | Axis Bank | 1,00,000 | 1,00,000 | NA | NA |
| 2 | Bank of Maharashtra | 10,000 | 20,000 | NA | NA |
| 3 | Bank of Baroda | 25,000 | 50,000 | NA | NA |
| 4 | Canara Bank | 1,00,000 | 1,00,000 | NA | NA |
| 5 | CitiBank | 1,00,000 | 1,00,000 | NA | NA |
| 6 | Federal Bank | 1,00,000 | 1,00,000 | NA | NA |
| 7 | HDFC Bank | 1,00,000 | 1,00,000 | NA | NA |
| 8 | ICICI Bank | 10,000 | 10,000 | NA | NA |
| 9 | IDBI Bank | 25,000 | 50,000 | NA | NA |
| 10 | Kotak Bank | 25,000 | 50,000 | NA | NA |
| 11 | Punjab National Bank | 1,00,000 | 1,00,000 | NA | NA |
| 12 | State Bank of India | 1,00,000 | 1,00,000 | NA | NA |
| 13 | Standard Chartered Bank | 1,00,000 | 1,00,000 | NA | NA |
| 14 | Union Bank of India | 1,00,000 | 1,00,000 | 5,00,000 | 20,00,000 |
| 15 | Yes Bank | 1,00,000 | 1,00,000 | NA | NA |
UPI AutoPay
UPI AutoPay is a unique feature that enables one to make recurring payments like subscriptions or electricity bills below the limit of Rs 5,000/-. This feature automatically deducts the amount every month without the requirement of UPI Pin for such transactions.
Pay Limit of BHIM App
The daily limit for BHIM app transactions is Rs 40,000/- in a single payment in a single day.
New Rules Regarding UPI Fund Transfer
The UPI transactions are free of charge for all users. After demonetization, UPI transactions increased by double. With increasing digitization, people started preferring UPI transactions over carrying cash.
Conclusion
Making payments through UPI comes with restrictions on daily limits. This makes individuals wait for the next day to perform transactions. They can use other payment mediums. The NPCI has not yet increased the transaction limit, and the bank cannot increase the transaction limit, even after requesting.
With more UPI transactions, there is a possibility that the NPCI will consider increasing the transaction limits and transaction amount in the upcoming days. NPCI has allowed banks to set their transactions limit. The limit cannot cross the 1,00,000/- limit cap set by the NPCI.
Yes, one can transfer Rs 50,000 through the UPI app depending on their bank’s or PSP’s transaction limit. For example, the BHIM app only allows Rs 40,000/- as the transaction limit in a single day.
The maximum payment one can make through UPI is Rs 1,00,000/- per day as per the guidelines of NPCI in a single day.
While every bank permits a different per-day transaction limit, as mentioned in the table above, small banks such as Canara Bank only allow a Rs 25,000/- per day limit. Also, co-operative banks allow a lower limit of transactions, mainly to the limit of Rs 25,000/- to Rs 50,000/- per day.
One can only transfer an amount up to the limit set by the bank and NPCI on the transaction via UPI. If one needs to send more than that amount, they can use different UPI payment apps and bank payments to use the maximum possible transaction limit.
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]]>The post Join The Payment Revolution- Create and Use Your UPI Payments ID appeared first on PayU Blog.
]]>In 2016, the National Payments Corporation of India (NPCI) developed and introduced a real-time digital payments system under the Digital India campaign. Named the Unified Payments Interface (UPI), it’s an online payment system that instantly transfers the funds between two bank accounts in real-time. It serves as a faceless & cardless payments service.
Within just the first 37 months of its launch in 2016, this mobile-only payment system helped transact a total of ₹17.29 lakh crore (US$ 230 billion) in India. In fact, in 2020, India became the world’s largest real-time payment market with 25.5 billion annual transactions, leaving China and the United States behind.
This popularity can be attributed to the simple interface and seamless transactions of UPI applications, which makes this digital payments platform easy to use for everyone. With features such as instant cashback, referral bonuses, lucky draws, and other lucrative rewards on transactions, more & more people are shifting to UPI payments instead of using cash or cards.
So, if you feel like you have been missing out on the benefits of UPI payments, scroll down and find out how you can avail these benefits and more by creating your UPI ID.
But first,
What Is A UPI ID or UPI Payments ID?
It is an online payment system that enables you to virtually transfer money from one bank to another. An Aadhaar Enabled Payment System (AEPS).
Traditionally, if you transfer money through a bank, you will need details such as the bank name, bank account number, branch address, and IFSC of the beneficiary. These details will have to be entered every time you want to transfer money. A UPI ID or a virtual payment address (VPA) eliminates this hassle.
As the name suggests, your virtual payment address is a unique ID that enables you to send or receive money through UPI from/to your bank account without sharing each other’s account numbers or other details.
Linked with a UPI-enabled Bank, your UPI ID can be created on any UPI payment application like BHIM and others.
How To Create Your UPI Payments ID or VPA?
There are many Unified Payments Interface payments apps available in the market. However, the steps to create your UPI ID are almost the same across all these apps. Irrespective of which app you use, you will first have to register your bank on the app to create your UPI ID. You can do this through the following steps:
- Download your desired UPI digital payments app, which will prompt you to set a four-digit app code upon opening.
- After this, the app will ask you to verify your mobile number. If you have a dual sim, select the number which is registered with your bank. The app will then verify this number on its own through an OTP.
- After this verification, the app will ask you to select your bank and will automatically receive the required details such as bank name, the IFSC code, and account number. If you have more than one account added to the same mobile number, you can select your desired account.
- Finally, the app will display your UPI ID.
- And voila! You have successfully created your UPI ID or VPA!
Registering for UPI ID through the *99# service
Alternatively, you can also register for a UPI ID through the *99# service. Here’s how:
- Dial ”*99#” on your phone and select your preferred language.
- Enter your bank’s name or the first four digits of your IFSC code.
- Choose your bank account and enter the last six digits and the expiry date of your debit card.
- Enter and set your UPI pin or MPin.
- Confirm your UPI pin or MPin, and there you go. You have your UPI ID!
How To Locate Your UPI Payments ID In A Bank Application?
You can find your UPI ID or VPA within your UPI app.
We have discussed two of the most commonly used apps. The process for all the apps might be almost similar with little to no differences.
For Google Pay Users:
- Open the Google Pay app and click on your photo in the top right corner.
- Click on Bank Account.
- Select the bank account linked with the UPI ID.
- You will find the associated UPI ID under the name “UPI IDs” with its QR Code.
For BHIM App Users:
- Log in with your app password.
- Click on “Profile” from the drop-down menu. You’ll find your UPI ID with your QR Code
How Can You Change Your UPI Payments ID?
If you are not satisfied with your UPI address, you have the option of changing it. Here’s how:
For BHIM App Users:
- Open the BHIM app and go to your profile.
- Click on Settings.
- You will see the option to edit your UPI ID.
- After making the necessary changes to your ID, click Confirm.
For Google Pay Users:
- Go to Google Pay and click on your profile photo.
- Click on “Bank accounts” in “Payment Methods” and select the bank account whose UPI ID you want to edit.
- Tap the UPI ID associated with your favoured bank account and click on Manage UPI IDs.
- Click ‘+’ icon next to the UPI ID you’d like to have.
Why Should You Use UPI Payments & Its Benefits
Here are some features of UPI payments that make them one of the best payment options available today:
- Single click payment.
- Instant money transfer through any mobile device 24×7 for all 365 days.
- No minimum transaction limit.
- No transaction charges.
- One mobile application for managing various bank accounts.
- No need to enter multiple bank details for transactions.
- Resolve complaints and queries through the mobile app.
- Option to share the receipt of transactions and bills.
- Enhanced reliability & security since the RBI regulates it.
- Attractive rewards on transactions on selected apps*.
Conclusion
Today, the UPI payments system is leading the non-cash systems in India ahead of net banking and debit & credit cards. These are being used by individuals, merchants, retailers, and manufacturers across the country. In fact, as of May 2021, the platform has 100 million monthly active users in India.
With this digital payments revolution, businesses are finding it much more convenient to send and accept payments in real-time, saving them the hassle of going to banks or making cash payments while also making the process easier for their customers.
With 100+ payment options available on PayU, including UPIs, cards, wallets, net banking, Buy Now-Pay Later(BNPL) systems, let your customers choose from multiple payment options, anywhere, anytime!
The post Join The Payment Revolution- Create and Use Your UPI Payments ID appeared first on PayU Blog.
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