UPI Payment Limit: There is good news for you if you also use UPI Payment. The UPI Payment System will shortly undergo a significant shift that will have an impact on millions of users nationwide.
UPI Transaction Limit: There is good news for you if you also use UPI Payment. The UPI Payment System will shortly undergo a significant shift that will have an impact on millions of users nationwide. Currently, UPI is the only method of payment accepted, thus any changes to this will directly affect the customers.
UPI Payment Limit, The volume cap can be 30% only.
Inform us that there will soon be a cap on the number of daily transactions allowed by the UPI payment service apps. Regarding this, preparations are in a way in earnest. The Third Party App Providers (TPAP) in India will soon have a volume cap of 30%, according to the National Payment Corporation of India (NPCI).
There are talks with RBI.
In this regard, discussions are being held with the Reserve Bank of India. Companies like Phone Pay, Google Pay, and Paytm can only set their limit after receiving RBI clearance; as a result, clients may experience difficulties at first. Although it is not yet known how much of a limit will be placed on this.
By December 31, a decision may be made.
NPCI is now doing several evaluations; its limit won’t be decided until then. The paper states that a choice can be made by December 31.
Banks decide the daily limit
The bank determines the UPI daily limit. The daily limit for UPI transactions has currently been set by SBI at 1 lakh. On the other hand, the limit for the private sector’s ICICI Bank is Rs 10,000. The transaction share that a third-party application provider may establish is capped by NPCI in 2020 at 30% of the UPI transaction volume as of January 1, 2021.
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