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For those making UPI payments, not only the year is changing from January 1, 2025, but many rules are also going to change. RBI has decided to change the rules so that users can get more convenience in making UPI payments. The Reserve Bank of India has decided to increase the transaction limit for many modes of UPI, which will be implemented from January 1, 2025. Users will now be able to send more money through UPI than before. Let's know about the new rules related to UPI...
UPI123Pay limit increased
RBI has decided to increase the transaction limit of UPI123Pay, a UPI service introduced for feature phone users. The deadline for this was given yesterday i.e. 31 December 2024. If this deadline is not extended, then on the new year, users will be able to make payments of up to Rs 10,000 instead of Rs 5,000 in a day through UPI123Pay.
Through UPI123Pay, users will be able to send up to Rs 10,000 to another UPI user. However, there is currently no change in the transaction limit for making UPI payments through smartphone apps like PhonePe, Paytm, GooglePay. Users can make a maximum UPI transaction of up to Rs 1 lakh in a day. However, the limit has been increased to Rs 5 lakh for medical emergencies etc.
UPI Circle
The UPI Circle service launched this year will be made available on other UPI platforms besides BHIM in the new year. Currently, users using the BHIM app get the facility of UPI Circle. In this, users can add their family members or friends to their circle for delegated payments. Secondary users added to UPI Circle will be able to make UPI payments even without a bank account. For this, approval of the primary user will be required for every payment or the primary user will be able to set a limit for UPI payments for his secondary users without approval.
