In an exciting development for the Indian digital payments landscape, the National Payments Corporation of India (NPCI) has recently announced a significant increase in the UPI limit per day.
This decision aims to enhance the user experience of millions of individuals who rely on UPI for seamless transactions, further revolutionizing the way India handles payments. Let’s delve into the details and understand what this means for the average consumer.
7 UPI Limits per day w.e.f 01/01/2024
Table of Contents
Some of the major UPI Changes from January 2024 are discussed as under. You should keep this in mind to making any Transaction with UPI on or after 1st January 2024.
1. Four-Hour Transaction Limit
There would be a 4-hour transaction limit for 1st transaction you made via any UPI ID. So that if you feel or get to know that it was a fraudulent transition, you can just reverse it.
2. UPI-based Cash ATMs
The government has taken the initiative with banks to open up UPI ATMs to enable cash withdrawals without any card, just using UPI. Many ATMs have already been upgraded to enable UPI based cash withdrawals.
3. UPI Limits Per Day has increased
The normal UPI limit for transactions has been increased to 1 lakh Rupees per day for each UPI ID. Whereas the limit for Hospitals and schools has increased to 5 lakh Rupees per day. This is a much-needed facility for the needy.
4. Bills, EMI, Insurence UPI Transaction Limit has increased to 1 Lakh
All the monthly transactions like Bills, EMIs, insurance, etc. limit have been increased to 1 Lakh rupees. Which helps you manage the payment of your regular monthly transactions.
5. Deactivation of UPI IDs
All the UPI IDs that have not been used for the last one year are being deactivated very soon. So, if you have such an ID please check and do some transactions.
6. UPI Touch and Pay
Now you can make any payment via UPI with Touch and Pay. You don’t need to give any UPI ID, Code, or mobile number to make payment.
7. Merchant Fees
If you have any business, and the customer has made a payment via any prepaid UPI wallet like Paytm wallet, of above 2000 rupees, you need to pay 1.1% as merchant fees.
UPI Limit 1 lakh Per Day
The new UPI limit per day has been set at Rs. 100000/- which allows users to effortlessly engage in high-value transactions without any concerns or restrictions. Google Pay users will benefit directly from this increased limit, making their everyday transactions hassle-free and quick.
Promoting Financial Empowerment:
The expansion of the UPI limit per day aligns with the Indian government’s push for a digital economy and financial inclusivity. By providing a higher ceiling for daily transactions, NPCI and Google Pay are empowering users to embrace digital payments more easily, fostering wider adoption across different segments of society.
Convenience and Safety Measures:
While the new UPI limit per day offers greater convenience, it is vital to remember that safety measures remain a priority. UPI users are encouraged to adopt best practices when it comes to protecting their UPI credentials, ensuring authorized access, and promptly reporting any suspicious activities.
The decision to increase the UPI limit per day is a significant milestone for digital payments in India. Users of UPI services, including Google Pay, can now enjoy a more hassle-free and efficient payment experience.
As the Indian economy increasingly embraces digital transactions, this positive step will significantly contribute to the nation’s journey towards a cashless society. The increased UPI limit per day is undoubtedly a game-changer that will benefit millions and further solidify UPI’s role as India’s preferred digital payment system.
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