Nowadays, everyone transacts digitally. If you use UPI for digital transactions, then this report is very important for you. In view of the increasing spread of digital payments, a UPI Circle has been launched on the app. This UPI is not a payment tool; rather, it acts as a digital wallet to be shared with the family. In this case, allowing multiple people to make online payments from the same person’s account is a very effective step. The reason is that small payments for family or any other purpose will now be much easier.
Know about the UPI Circle feature
This feature, launched by BHIM Services Limited, a subsidiary of NPCI, allows UPI users to share this feature with their family members. It allows them to make payments from their UPI account. The primary purpose of this feature is to help these people. Those who were not able to take advantage of digital payments due to not having a bank account can now connect with each member of the family.
How does this feature work?
The company said that if a person uses the BHIM app, he can link it with the mobile number of a person he knows. As a result, the second person can use the BHIM app user’s account for UPI payments. Whatever the payment, the main person using the BHIM app will be able to see it transparently.
This feature allows the primary user to set monthly expenses for all the members linked to their account. The maximum limit has been set at 15,000.
What are the benefits of this?
NPCI says that in many cases, elderly members of the family are hesitant about online UPI payments or are afraid of technical issues. They can easily make payments from the account of a family member through their mobile. Students can make tuition fees or any necessary purchases from the account of a parent or another person they know. The main person using the BHIM app will have complete control over the upper limit of the payment.
A small business owner can also give his employees the freedom to use his account for any emergency or urgent payment. NPCI said that a maximum limit of Rs 15,000 has been set for allowing another person to use his account. The entire process is very secure, the central payment agency claimed.
