UPI Transaction limit: Make big payments through UPI from today, know the maximum amount you can pay?

 

UPI Transaction limit: Now the limit of payment from consumer to shopkeeper or businessman (P2M) has increased to 10 lakhs in a day. Customers using UPI through digital platforms like Google Pay, PhonePe, Paytm, Bhim App will get the benefit of this service.

UPI Transaction limit: On the instructions of National Payment Corporation of India (NPCI), big transactions will be possible through UPI from Monday. Now the limit of payment from consumer to shopkeeper or businessman (P2M) has increased to 10 lakhs in a day. At the same time, a maximum of five lakhs can be paid per transaction. Earlier this limit was two lakh rupees per transaction.

Customers using UPI through digital platforms like Google Pay, PhonePe, Paytm, Bhim App will get the benefit of this service. Under the new rules, this payment can be made in categories like stock market, insurance premium, credit card bill payment, travel payment and government e-marketplace (GeM). This facility will not be available in person-to-person payments.

This will be the benefit

With the new limit, consumers will not need to pay large amounts in small parts. There will be ease in paying stock market investment and government fees. Buying big ticket or jewellery will also be possible through UPI.

Transaction limit applicable from today

Category New limit per transaction New limit for 24 hours

  • Stock market investment 5 lakh 10 lakh
  • Insurance premium 5 lakh 10 lakh
  • Credit card payment 5 lakh 6 lakh
  • Jewellery purchase 2 lakh 6 lakh
  • Travel 5 Lakh 10 Lakh
  • Government e-Marketplace 5 Lakh 10 Lakh

Benefits of UPI

24×7 availability: It works 24 hours a day, 7 days a week, even on holidays.

Instant transfer: Money is transferred from one account to another in seconds.

Multiple banks, one app: You can add your different bank accounts in a single UPI app.

QR code: It is very easy to pay bills by scanning the QR code made at shops. Neither the need to withdraw money nor keep a lot of cash.

Bank details not required: Now you do not need to remember or share long account numbers and IFSC codes. Just share your VPA (eg name@bank).

Free and economical: Most UPI transactions are completely free, although in some special cases (eg very large amounts) a small charge may be levied.

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