look news india
New Delhi. Unified Payment Interface i.e. UPI has started a new era in digital payment. Through this, you can easily make payment sitting at home. To give a good experience to UPI users, National Payments Corporation of India (NPCI) has launched a new feature of UPI.
Reserve Bank of India Governor Shaktikanta Das on Friday launched the UPI Circle feature at the Global Fintech Festival (GFF), 2024. While launching this feature, Shaktikanta Das said that through this feature, now two people can easily do UPI from one bank account. The arrival of this feature will increase digital payments.
Now NPCI has added 'UPI Circle' feature in UPI. In this feature, those users can also use UPI whose bank account is not linked to UPI. In this article, we will give you every information about UPI Circle.
What is UPI Circle?
UPI Circle is a feature in which users can make UPI payments even without a bank account. This feature will prove to be very beneficial for those users who do not use online banking.
To make payments through UPI Circle, the user will only need the mobile number and OTP. This feature will also facilitate financial transactions for family or friends.
How UPI Circle works
- UPI circles have primary users and secondary users. The user who has a UPI ID is called a primary user, while those who are added to the UPI circle are called secondary users. Secondary users can also easily avail the facility of UPI payments.
- Understand it like this that the primary user gives the power to use UPI to the secondary user. He can easily make payments from the primary user's account. The primary user allows whether the secondary user can make partial or full UPI payment or not.
- For example, if a father adds his son to his UPI ID under UPI Circle facility, the father has the right to give partial or full payment to the son.
Benefits of UPI Circle
- This will prove to be very beneficial for those who want to keep track of digital transactions. If parents want to keep track of their children's UPI payment transactions, this is possible through UPI Circle.
- Managing the bank account of the child or parents will become very easy through UPI Circle. There will be no conflict in managing the account like UPI transactions.
- If someone is running a startup or a company, then 5 LoB bill payments can be made from one account through UPI Circle. Even the details of all payments will be in one place.
Disadvantages of UPI Circle
UPI Circle is as beneficial as it is harmful. Actually, in this feature, the secondary user is completely dependent on the primary user for UPI payment. Apart from this, the secondary user has to take permission from the primary user before making any transaction.