UPI transaction limit raised from ₹1 lakh to ₹5 lakh
Hence, the limit in unified payment interface (UPI) in the India channel, which used to be ₹ 1,00,000 has now been increased to ₹ 5,00,000 per transaction. Relaxation of lower amount charge this will enhance friendliness for the clients especially those who transact frequently large amounts such as education fees, hospital bills or other large purchases. This is because of the new India’s trend of making digital payment and as a mobile wallet consumer trusts his money to UPI for being transferred to another person.
This higher limit should help increase e-commerce and help in the present push for making less use of cash. It will also enable the business entities and the people who require to handle relatively higher volumes of transaction in terms of their operation modes or needs.
It also adds the sum that digital payment in India has occurred at a very faster pace and particularly in UPI, which has become a large and small payment interface. These payments could use UPI and more overlapping functionality for consumers will mean more convenience and an enhancement of the performance of the consumers’ functions.
This may be considered as another ground for seeking a limit increase as the company navigates its growth path; UPI must ensure the penetration of and people’s engagement in digital payments is promoted across the various industries in the economy. This will lead to an increased number and size of transactions that happens through UPI, thus further solidifying it’s standing in India’s financial market.
