The UPI (Unified Payment Interface) transaction system was introduced by the Center for the first time in India almost six years ago. At that time, many people did not know that it was the beginning of a technology that was going to become the most important part of our lives in the future. As 2022 draws to a close, it is a fact that UPI systems have become something that even common people rely on in every nook and corner of India.
But a large number of people who regularly use UPI systems are completely unaware of its rules. Most of the people are still raising many doubts about which payment system has a limit, how many rupees can be transferred per day and how many times the payment can be made through it. Let’s check what are the terms of UPI transactions…
Limits of UPI Transactions: National Payments Corporation of India guidelines state that a person can transfer a maximum of Rs 1 lakh per day through UPI. There may be differences depending on the banks. For example, Canara Bank allows only Rs 25,000 to be transferred in a day, while SBI, one of the largest banks in the country, has set a daily UPI transaction limit of Rs 1 lakh.
Number of Daily Transactions: The number of UPI transactions conducted in a day is also strictly limited. Maximum number of UPI transactions per day is 20. Once this limit is reached, there will be a 24-hour wait for subsequent UPI transactions (this may also vary by bank).
Check the transaction limit and daily remittance limit of leading UPI service providers in the country.
PhonePay UPI Limit:
The daily UPI transaction limit on PhonePay is Rs 1,00,000. But this limit may vary from bank to bank. Also, a person can make a maximum of 10 or 20 transactions per day through PhonePay as per the bank’s guidelines. Up to Rs.2000 per day can be transferred through money request system.
GooglePay UPI Limit:
GooglePay allows daily money transfers of up to Rs.1,00,000 per day with a total transaction limit of 10 across other apps and bank accounts. Similar to PhonePay, up to Rs. 2000 per day can be transferred through the money request system through GooglePay.
Paytm UPI Limit:
Paytm allows users to transfer up to Rs.1 lakh through UPI.
Amazon Pay UPI Limit:
Amazon Pay has also fixed the maximum money transfer limit through UPI at Rs 1,00,000. There is also a special feature that in the first 24 hours after registering with Amazon Pay UPI, users can only transact up to Rs 5000. A maximum of 20 daily transactions can be done through it.
Currently, there are no government charges for sending money through UPI, India’s unified payment interface. Rumors about this had surfaced earlier, but the Finance Ministry had denied it. However, various banks and UPI apps have proposed charging for transactions. The central government has to take a decision on this.