UPI Transaction Limits Revised by GPay, PhonePe, and Paytm

In the present day, everyone uses UPI. If you also make payments using UPI, we have some exciting news for you. All companies, including Google Pay, Phone Pay, Amazon Pay, and Paytm have set daily transaction limits that will affect millions of UPI users in the country. The NPCI (National Payments Corporation of India) has provided information by issuing a notice in this respect. 

What is UPI (Unified Payments Interface)?

The UPI payment ecosystem was designed by the National Payment Corporation of India as a complete one-stop solution for all your digital payments. All the UPI transactions are governed and looked after by the Reserve Bank Of India and take place using virtual payment addresses or the UPI IDs

To generate your UPI payments, first, you have to download the UPI application and generate the unique ID that will be linked to your bank account and your mobile number. Then you have to set up a 4 or a 6-digit UPI pin. You can also transfer the funding using a QR scanner or just put in the receiver’s phone number.

Why everyone should actively use UPI?

• You may connect several bank accounts to the site and make payments in real-time. 
• It is completely safe and secure because it is controlled by the RBI. 
• Payments are made using virtual addresses. So you don’t have to remember your bank account number, IFSC code, or anything else. UPI IDs also protect you against data breaches. 
• You may utilize the UPI ecosystem at any time, including holidays and beyond bank business hours.
• UPI makes paying electricity bills and recharging your phone a breeze.
• As a merchant, you may easily make vendor payments and handle invoices. 
• In case you have some issues with your payments, you can file a complaint using your UPI application. 
• Payments made using UPI-based mobile applications on a regular basis might result in in-app coupons and cashback rewards. 
• If you’re constantly short on cash, UPI is your rescue. Transactions in the exact amount owing are permitted on the platform.

Benefits of using UPI for your day-to-day transactions

• Checking your account balance: After entering your UPI PIN, you may do so using PhonePe or GooglePe.
• Sending money to someone without a VPA (UPI ID): You can send money to someone’s bank account without adding them as a beneficiary (just as before UPI). Money transfer is a three-step process if you know the account number, IFSC code, and account holder name.
• Sending money to a phone number linked to UPI: UPI IDs are difficult to memorize. You only need someone’s phone number to find them on a UPI app and give them money.
• IPO subscriptions: When a business goes public, you may subscribe to the IPO as a retail investor using UPI applications like Google Pay in the run-up to the IPO.
• Making auto-payments: The RBI launched UPI-based auto-payments as an alternative to credit card auto-payments, which utilize your standing orders to deduct a set amount every month. This can be used for OTT subscriptions (such as Netflix).

Everyday UPI (Unified Payments Interface) transactions limits

According to the National Payment Corporation of India’s standards, you can now only trade up to Rs 1 lakh per day over UPI. Simultaneously, some small banks have raised this limit to 25,000. Let’s see how many transactions you can conduct each day using which app.

• Limit of AmazonPay

Amazon Pay has set the maximum limit for UPI payments at Rs 1,000,000. After signing up for Amazon Pay UPI, the user can only transact up to Rs 5000 in the first 24 hours. The number of transactions per day has been set by the bank at 20. 

• Limit of Paytm

Paytm UPI has set a restriction of Rs 1 lakh for customers. Paytm has also shifted the daily limit per hour. Paytm has said that users may now only conduct Rs 20,000 transactions per hour. Aside from that, only 5 transactions per hour and 20 transactions per day are permitted. 

• Limit of Google Pay 

Google Pay, also known as GPay, has established a total transaction limit of 10 across all UPI applications and bank accounts. Users will be limited to 10 transactions each day. You will be allowed to conduct transactions of up to one lakh rupees each day with this.

• Limit of PhonePe

PhonePe has established a daily restriction of Rs 100,000 for UPI transactions. Furthermore, depending on the bank’s policies, a person can conduct a maximum of 10 or 20 transactions per day via PhonePe UPI.

No hourly restriction on these payments applications

There is no hourly restriction on Google Pay and Phone Pay. However, if you receive a money request of more than Rs 2000 via this app, the app will halt.