UPI, or Unified Payments Interface, is a digital payment system that allows for easy and efficient transfer of funds between bank accounts. This system is widely used in India and has become a popular choice for conducting various financial transactions, including bill payments, money transfers, and more. However, like any other financial system, UPI also comes with certain limitations and restrictions to ensure the safety and security of users’ transactions. One such restriction is the daily limit for UPI payments.
The daily limit for UPI payments is set at Rs 1,00,000 (1 Lakhs) per day. This means that a person can use UPI to transfer up to Rs 1,00,000 per day. The limit is set by the National Payments Corporation of India (NPCI) and is in place to prevent potential fraud and misuse of the system. This limit applies to both personal and business transactions and is intended to ensure that the system is used for legitimate purposes only.
The UPI system is designed to be simple and user-friendly, with a focus on providing a seamless experience for users. To use UPI, all you need is a smartphone and an internet connection. Once you have these, you can easily download a UPI app, such as BHIM, Google Pay, or PhonePe, and link it to your bank account. Once your account is linked, you can start making transactions, such as money transfers, bill payments, and more. The process is quick and easy, and transactions are typically processed within minutes.
UPI is also a very secure system. The system uses a two-factor authentication process to ensure that transactions are only made by the account holder. Additionally, UPI uses a virtual payment address (VPA) that is unique to each user, which makes it difficult for anyone to fraudulently access your account. The VPA acts as a sort of ‘username’ for your account, and it is used to identify you when making transactions.
While the daily limit for UPI payments is set at Rs 1,00,000, it’s important to note that this limit is only a guideline and may vary depending on the bank or financial institution you are using. Some banks may have a lower limit, while others may have a higher limit. Additionally, some banks may offer the option to increase your daily limit by completing a KYC (know your customer) process. This process verifies your identity and ensures that you are who you say you are. It is a one-time process and is mandatory to increase your daily transaction limit.
In conclusion, UPI is a simple, secure and efficient way to make digital transactions. The daily limit of Rs 1,00,000 (1 Lakhs) per day is put in place by the National Payments Corporation of India (NPCI) to ensure the safety and security of users’ transactions and prevent potential fraud and misuse of the system. However, it is important to note that this limit is only a guideline and may vary depending on the bank or financial institution you are using. Additionally, some banks may offer the option to increase your daily limit by completing a KYC (know your customer) process.
Google Pay
Google Pay allows for up to ten transaction limits across all UPI apps and bank accounts, as well as daily transfers of up to Rs 10,00,000. Specifically, if a money request exceeds Rs 2,000, GPay removes daily transaction limits.
Paytm
Users of Paytm UPI can send money up to Rs 1 lakh. There is a 20,000-transfer limit per Paytm hour. The daily transaction rate for Paytm is twenty and the hourly rate is five.
PhonePe
PhonePe has set a daily limit of Rs 100,000. However, the limit might be different at each bank. Additionally, a person can conduct a maximum of 10 or 20 PhonePe UPI transactions per day, depending on the bank’s guidelines.
Amazon Pay
Additionally, Amazon Pay has set Rs. 1,000,000 as the maximum amount that can be transferred using UPI. Notably, users can only conduct transactions up to INR 5,000 within the first 24 hours of registering for Amazon Pay UPI. Depending on the bank, the daily transaction limit is twenty.
