UPI Rules will change: Today 31st December is the last day of the year 2024 and from tomorrow many things are going to change along with the calendar. In fact, from January 1, 2025, many new rule changes are going to be seen in India, which also includes some rules to UPI. RBI is changing some rules from the new year to increase the convenience of users in UPI transactions.
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According to reports, the new UPI rules implemented from January 1, 2025 will increase the limit for sending money as compared to before. RBI has decided to increase the transaction limit for UPI 123Pay, a service designed for feature phone users. From January 1, users will be able to send money up to Rs 10,000 per day through UPI123Pay. Earlier this limit was Rs 5000. However, the transaction limit for digital payment apps like PhonePe, Paytm and Google Pay is still the same as before. Users can transact up to Rs 1 lakh per day through UPI. But, in some emergency situations, there is also a facility to make payment up to Rs 5 lakh.
The UPI Circle feature launched this year will be implemented on all UPI supported platforms from next year. At present, users of BHIM app can avail the benefits of UPI Circle. The UPI Circle feature allows the user to add a family member or friend. Due to which other users can be able to make payment without having a bank account. In this, the primary user sets a limit for other users to spend money.
In the UPI Circle feature, with the full delegation option, the secondary user gets permission to initiate and complete a transaction with a specified limit, whereas with the partial delegation option, the secondary user will only be able to initiate a transaction. But, the transaction can be completed only by the primary user, for which he will use the UPI PIN.
According to the National Payments Corporation of India, in the UPI Circle feature, a primary user will be able to add a maximum of 5 users as a secondary user. The limit for each transaction will be Rs 5000 and the monthly limit will be Rs 15000. For secondary users with UPI apps, knowledge of passcode and biometrics will be required.
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