UPI payments have become the mainstream source of online transactions in the country. This system was a primary initiative taken by the NPCI (National Payments Corporation of India) to promote digital payments. As declared by the Chief Executive of NPCI, Dilip Asbe, UPI payments in India may reach a one billion transaction milestone a day soon. Although this surge in online dealings is worth appreciation, the transaction limit stands as a significant challenge!
This limitation restricts many traders and businesses from transferring large funds in a day. The UPI Limit per day may also be relaxed in the coming days. To get a grasp of what payers should expect, click here for more information. Let us know what prospects the NPCI and RBI are planning to overcome this obstacle and reach the 1-billion landmark.
Present UPI Transaction Limits For Different Payment Types
- As per the present terms and conditions, the UPI limit per day for online transactions vary from one bank to another. This limit has to be set between INR 10,000 to 1 Lakh.
- Some banks have set weekly transaction limits on UPI payments. For example, the IDFC bank limits its customers to INR 7 Lakhs per week.
- Although most banks have not imposed any monthly transaction limit on UPI transactions to give the required feasibility to its customers, one should check the terms and conditions carefully before exceeding a certain benchmark.
- Reputed payment gateways offer faster feasibility and better access to customers when it comes to UPI payments.
UPI Transactions in 2021: The Bumper Year
The post-pandemic period in India saw an incredible surge in online payments and e-commerce platform engagements. Since this time pushed people to make contactless payments whenever and wherever possible, the boost in numbers has been commendable. This expansion is one of the many reasons why NPCI and RBI are making mutual efforts in standardized UPI payments. Here are a few facts that give us a clear picture of the bumper year.
- The UPI Limit per day is between INR 10,000 and INR 1 Lakh, depending upon the bank. Since the NPCI has given this liberty to the banks to set the limit as per their terms, this limit may vary from one bank to another.
- In the first half of the FY2021-22, UPI transactions have processed as many as 31 Billion transactions.
- Online platforms are close to touching the 40-42 Billion mark soon.
Revised UPI Transaction Limit With Terms & Conditions
The UPI limit per day has been revised time and again to meet the demand of customers indulged in online transactions. As per the latest revision, UPI payments are likely to account for 50% of all digital payments in the retail market. The effort of payment gateways plays a vital role in this growth. The close competition between the leading platforms has yielded positive results for all. With verified merchants getting the liberty to push their transaction limit to 2Lakhs per day with the help of their registered banks, the terms and conditions have undoubtedly relaxed in recent times.
UPI mode of payment is one of the most secure and successful online transaction methods that we widely use today. Online merchants should make the utmost utilisation of this service by registering with a reputed payment gateway. With every step taken to enhance UPI services, businesses should be able to fulfill their requirements at a faster pace!
The uptick in UPI transaction volumes is all set to push the UPI limit per day! With enhanced features and services offered by a renowned payment gateway, we are likely to reach the daily milestone with utmost ease!