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UPI New feature: Digital payments have been increasing continuously in the country in the last few years, especially UPI payments have increased rapidly. To further improve the user experience, RBI is constantly bringing new facilities in the digital payment system. In this series, RBI announced two new facilities through UPI payment in its policy on August 7. These include increasing the limit of tax payment through UPI and the facility of delegated payment service. Delegated payment service means that the UPI user will be able to give the right to make payment to another person from his account.
RBI Governor Shaktikanta Das, while giving information about the decision taken in the monetary policy committee meeting, said that UPI has become the most preferred method of payment with its convenient features. At present, the tax payment limit for UPI is Rs 1 lakh.
What is delegated payment service?
Regarding UPI payments, in the delegated payment service, one person (primary user) will be able to allow another person (secondary user) to make UPI transactions from his bank account. However, the limit of such transactions will be decided by the primary user. RBI Governor Shaktikanta Das said, “This is expected to increase the reach and use of digital payments across the country. Detailed instructions will also be issued soon in this regard.”
Children will also be able to make payments from their father's account
Mohit Bedi, co-founder of third party payment application Kiwi, told about the delegated payment service, “Through this step, RBI is going to provide the facility to the primary account holder (parents) so that minors can also make UPI payments through their accounts. For this, the parents will just have to approve this transaction. This facility will bring a new system inside the UPI application.”
Limit for tax payment through UPI increased
Governor Shaktikanta Das said, “Direct and indirect tax payments are common, regular and of high value, so it has been decided to increase the limit for tax payment through UPI from Rs 1 lakh to Rs 5 lakh per transaction. Necessary instructions in this regard will be issued separately.”
According to RBI, the user base of Unified Payments Interface (UPI) has reached 42.4 crores. However, the user base is expected to grow further. There is also a proposal to introduce 'delegated payments' in UPI.
