In India, more than 2.5 crore UPI payments happen every hour. UPI is so easy and safe that many people have stopped carrying cash. Apps like Paytm, GPay, BHIM, and PhonePe give UPI service. These apps have made daily payments very simple.

In India, RTGS and NEFT are run by RBI. IMPS, RuPay, and UPI are run by the National Payments Corporation of India (NPCI). Now NPCI has made some changes. After this, people will be able to send up to ₹10 lakh in a day using UPI.

New UPI Transaction Rules

Through UPI apps, you can now send up to ₹1 lakh in 24 hours, either at once or in parts. Earlier, for such amounts, people had to use banking apps, which also had limits. But from September 15, the UPI limit will increase. You will be able to transfer more than ₹2 lakh, up to ₹10 lakh.

This new rule will apply only to some online payments like stock market investment, insurance payment, and credit card bill payment. The limit for person-to-person transfer will stay at ₹1 lakh per day.

NPCI has set different limits for different works. For example, the one-time limit for paying credit card bills is ₹5 lakh. In one day, you can pay up to ₹6 lakh for credit cards. For travel booking, the one-time limit is ₹5 lakh. For loan and EMI payments, the daily limit is also ₹5 lakh. In total, you can now use UPI for payments up to ₹10 lakh in a day.

UPI Apps and Their Limits

  • PhonePe – With minimum KYC, ₹10,000 per day. With full KYC, ₹2 lakh per payment, ₹4 lakh per day.
  • Paytm – ₹1 lakh per day, ₹20,000 per hour.
  • Google Pay – ₹1 lakh per day, maximum 20 transactions.

Faster Response Time

Earlier, users had to wait 30 seconds to know if a UPI payment was done. From June 16, NPCI reduced the time to 10 seconds for payment status and reversal. The time for validating address (pay and collect) was also cut from 15 seconds to 10 seconds. This will save users’ time.

About UPI

UPI was launched on 11 April 2016 by NPCI. It allows money transfer directly to bank accounts. Earlier, people used digital wallets, which needed KYC. UPI is simple, as payment can be done with only mobile number, UPI ID, or QR code.

UPI in the World

India’s UPI is now used in France, Mauritius, Bhutan, and Sri Lanka. Talks are going on with Indonesia, Latin America, and Africa. Deals are signed with Russia and Singapore, and an MoU is signed with UAE.