UPI Changes in 2024: The trend of online payment for transactions has increased in India for some time. For this, United Payment Interface (UPI) is being used more and more. Some changes were made in it this year. Data released by NPCI (National Payments Corporation of India) in November 2024 showed that during this period, transactions worth about Rs 15,482 million were made through UPI. This total amount is Rs 21,55,187.4 crore. This year, some important changes related to UPI were made, about which we are going to tell you.
UPI limit increased in these categories
In August, NPCI increased the UPI limit for transactions under certain categories from Rs 1 lakh to Rs 5 lakh. These include payment of direct and indirect taxes, fees to hospitals and educational institutions. If you are applying for IPO or Retail Direct Scheme of RBI, then its limit has been kept up to Rs 5 lakh. The limit for insurance and other transactions related to stock markets is Rs 2 lakh.
Wallet limit also increased
This year RBI decided to increase the limits of both UPI Lite and UPI123Pay. Where earlier the wallet limit for UPI Lite was Rs 2,000. It has now been increased to Rs 5,000. UPI Lite is considered good for small payments. With this you can pay up to Rs 1,000, whereas earlier this limit was Rs 500.
Along with this, the limit of UPI123PAY has also been increased from Rs 5,000 to Rs 10,000. With its help you can access UPI without a smartphone or internet connection. In this, users can make transactions by giving a missed call or dialing the IVR number.
New feature named UPI Circle
This year NPCI also launched a new feature called UPI Circle. With its help, if any user’s UPI is not linked to his bank account, he will also be able to do transactions through UPI. In this, when the secondary user makes payment through UPI, its notification will come to the primary user.
Payment can be made only after approval by the primary user. In this, the user who has UPI ID will be called primary and the one who will be linked to UPI Circle will be called secondary user. In this, you can set a monthly limit up to Rs 15,000. This means that users connected to UPI Circle will be able to make payments up to this amount during this period. In this, every time to make payment, the secondary user will need the permission of the primary user.
Convenience for UPI Lite wallet users also
Additionally, this year RBI removed the need for additional authentication or pre-debit notification for UPI Lite wallets. That means, if the amount in your wallet falls below the prescribed limit, you can top it up immediately.
Whereas earlier, additional authentication or pre-debit notification was required to load money into the wallet. Now as soon as the money starts falling below your set limit, the funds from the account will be transferred to the wallet.
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