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UPI Payments: Many changes are going to be implemented from January 1, 2025 for users using UPI for online payments. RBI has changed some rules to increase the security of UPI transactions. After the implementation of the new rule, users will have to take approval for transactions of large amounts. Some other facilities are also provided.
UPI123Pay limit increased
RBI has increased the transaction limit of UPI123Pay, a payment service designed for feature phone users. From January 1, 2025, users can use UPI123Pay to make payments worth Rs. Transaction of Rs 10000 can be done. Earlier its limit was Rs 20. Was 5000. Users can now transfer large amounts on UPI123Pay, a platform that facilitates feature phone usage and offline payments. Notably, the payment limit of users for UPI transactions through smartphones has remained unchanged. Under PhonePay, Paytm, GooglePay, users can withdraw Rs. through smartphone. You can do transactions up to Rs 1 lakh. Apart from this, in case of college fees and hospital also Rs. There is also a facility of payment up to Rs 5 lakh.
Payment by more than one person from the same account
UPI circle feature was launched in 2024. Which will be applicable on all UPI supported platforms from next year. Currently, users of the BHIM app can avail the benefits of UPI Circle. In which the user allows his friends and family to access the UPI account. More than one person can make online payment from the same bank account. However, the primary account holder can set transaction limits for other users.
Two options in UPI circle
Full Delegation: In this option, the secondary user will be allowed to perform transactions with a fixed payment limit.
Partial Delegation: With this option the secondary user can initiate any transaction. But the primary user will complete the transaction through UPI PIN.
Up to five users can be added
In the UPI Circle feature, users can allow up to five people to make UPI payments through their account. Whose transaction limit is Rs. 5000 per day and monthly limit Rs. Will be 15000. Secondary users with UPI apps require passcode, biometrics information.
UPI transactions at record level
The Finance Ministry has recently revealed shocking figures of transactions done through UPI. According to which, a total of 15537 transactions have taken place from January to November. The value of this transaction is Rs. Has reached a record level of Rs 223 lakh crore.