[FAQ] UPI Payments Transaction Limit per Day and Upper Limit

UPI has turned out to be a blessing for digital funds in India. As we will conveniently pay virtually anyplace within the nation by both scanning the QR code, paying on the registered quantity, and even utilizing a faucet to pay utilizing an NFC-enabled telephone. However, this comfort would possibly go away quickly because the NPCI together with RBI is planning to introduce a UPI transaction restrict quickly. Read on to know extra.

Why NPCI is Limiting UPI Transactions?

PhonePe, Google Pay, and Paytm collectively maintain greater than 90% of the UPI funds in India. Back in 2020 NPCI, got here up with a directive to impose a 30% UPI transaction share cap, for Third-Party App Providers (TPAP), to forestall focus threat. However, a two-year extension was given to the restrict to adjust to the directive.

Now, in November 2022, after the extension interval is over, NPCI has once more provide you with the directive. And in talks with RBI to implement it from December 31, 2022. This would possibly end in PhonePe, Google Pay, Paytm, and BHIM to transaction limits quickly. While in line with experiences, PhonePe has already requested for a minimal three-year extension of the December 31 deadline, and another platforms need a five-year extension. We ought to get extra readability concerning the scenario, by finish of November or early December.

FAQs

With that stated, let’s take a look on the present UPI transaction and quantity restrict at present in use, within the nation by NPC, banks and UPI platforms.

What is the Maximum Amount one can switch through UPI?

According to the National Payments Corporation of India (NPCI) the physique governing all UPI fee platforms. The higher restrict per UPI transaction is Rs.2 Lakhs, topic to the restrict of the UPI platform and the person’s financial institution.

What is the Maximum Number of UPI transactions in a day?

Ideally, the utmost variety of UPI transactions allowed by NPCI is 20 transactions per day. However, it varies topic to the restrict of the UPI platforms like PhonePe, Google Pay, Paytm, and the person’s financial institution.

What is the UPI Transaction Limit of PhonePe, Google Pay, Paytm, and BHIM?

In the case of the Third Party Applications (TPAPs) the UPI Transaction restrict proper now could be as follows:

• PhonePe – 20 transactions per day.
• Google Pay – 10 transactions per day.
• Paytm – 5 Transactions per hour, and 20 transactions per day.
• BHIM – 10 transactions per day.

What is the UPI Transaction Amount Limit of PhonePe, Google Pay, Paytm, and BHIM?

In the case of the Third Party Applications (TPAPs) the UPI transaction quantity restrict proper now could be as follows:

• PhonePe – INR 1,00,000 per day.
• Google Pay – INR 1,00,000 per day, together with tap-to-pay.
• Paytm – INR 1,00,000 per day, and INR 20,000 per hour, together with tap-to-pay.
• BHIM – INR 1,00,000 per day. While for brand new customers, it’s INR 5,000 as much as the primary 24 hours.

What is the Maximum UPI Amount Limit as per completely different Banks?

In most circumstances, the higher restrict for UPI transaction worth, is INR 1,00,oo0 per day. However, the utmost quantity per transaction would possibly differ based mostly in your financial institution, you’ll be able to check this list to get extra particulars or get in contact together with your financial institution.

Can I take advantage of Multiple UPI apps on the identical cellular if they’re linked to completely different financial institution accounts?

Yes, one can use multiple UPI software on the identical cellular and hyperlink each both to the identical account or use completely different financial institution accounts.

How to Increase the UPI Transaction restrict?

It is just not attainable to extend the UPI transaction restrict. Since it’s mandated by NPCI, and all UPI platforms like PhonePe, Google Pay, Paytm, and BHIM, together with banks should comply with it.

How to Increase the UPI Transaction Amount restrict per day?

It is just not attainable to extend the UPI Transaction quantity restrict per day. Since it’s mandated by NPCI, and all UPI platforms like PhonePe, Google Pay, Paytm, and BHIM, together with banks should comply with it.

Wrapping Up

In this learn, we mentioned why NPCI is limiting UPI transactions, and the way it is going to be applied. We additionally mentioned the present transactions and transaction worth restrict, throughout banks, UPI platforms, and as per NPCI. I hope you discovered this convenient when you did share it with somebody who makes use of UPI on every day foundation. Check out different helpful suggestions linked under, and keep tuned to GadgetsToUse for such tech updates, suggestions, and tips.

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