UNIFIED PAYMENTS INTERFACE - ECONOMY
News: Daily limit on UPI transactions
What is in the news?
●
Recently, banks have
opted for daily limits as transactions facilitated by the Unified Payments
Interface (UPI) breach record highs.
Key takeaways from the news:
●
At present, users can
make up to 20 transactions or ₹1 lakh in a single day either all at once or
through the day.
●
For certain specific
categories of transactions such as the capital markets, collections (such as
bills, among others), insurance and forward inward remittances, the limit is ₹2
lakh.
●
In December 2021, the
limit for the UPI-based ASBA (Application Supported by Blocked Amount) IPO and
retail direct schemes was increased to ₹5 lakh for each transaction.
Unified Payment Interface:
●
It is an advanced version
of Immediate Payment Service (IMPS)- round–the-clock funds transfer service to
make cashless payments faster, easier and smoother.
●
It was launched in 2016.
●
UPI is currently the
biggest among the National Payments
Corporation of India (NPCI) operating systems.
●
UPI
Apps:
○ PhonePe
○ Google
pay
○ BHIM
|
●
Countries with UPI payment system was
extended, UK, France, UAE, Singapore, Nepal, Oman, Bhutan,
Malaysia, Saudi Arabia, Bahrain, Maldives, Sri Lanka.
|