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Now the method of payment has completely changed in India. Earlier people used to use cash for everything. But now its method has changed completely. People make online payments for almost everything.

Unified Payments Interface (UPI) was launched in India in the year 2016. Now payment is done anywhere in a jiffy through UPI. The number of UPI users in India is increasing continuously from year to year.

According to a report released in November 2022, there were more than 300 million monthly UPI active users in India. On the other hand, if we talk about UPI transactions, then from January 2024 to June 2024, 78.97 billion transactions have been done through UPI.

Through UPI, many of your different bank accounts can be linked to a single app. Virtual Payment Address (VPA) is used to send money through UPI and to get money in the account.

In this, you can make payments in many ways. In UPI, you can make payments through anyone's UPI number, through QR code and through UPI ID. So at the same time, you can also make payments to someone through bank details.

On the other hand, if we talk about the transaction limit of UPI, then the daily limit has been fixed up to Rs 1 lakh. However, it can be more or less according to different banks.

So now UPI can also be used in place of ATM card. That is, if you forget your ATM card at home, then you can also withdraw cash from the ATM machine with the help of UPI.

Disclaimer: This content has been sourced and edited from abplive.com. While we have made modifications for clarity and presentation.