If you are using UPI to make payments through your phone, there are some banks that have a set limit for your transactions. Some have a maximum transaction limit per week while others have a limit for a single month. For example, IDFC Bank has a monthly limit of 30 lakhs, while other major banks, such as SBI, Canara Bank, and Axis Bank have no limit on the number of transactions you can make through UPI.
Currently, the UPI transaction limit for transactions is Rs one lakh per day, but this may change in the future. It will depend on the type of transaction, whether it is a bank-to-bank or an IPO. The NPCI has not yet increased the limit, but it has allowed banks to set their own limits. There are also limits for merchant transactions through UPI.
Despite the limits, UPI is an increasingly popular way to send money. Several popular payment apps such as GooglePay, PhonePe, and Paytm use UPI. This technology is a big departure from the traditional payment system, but it is important to understand the limits before you start using UPI to send money. The amount you can send per day and the number of transactions you can make is regulated by the regulators.
Another benefit of UPI is its low cost. Unlike debit/credit cards, you do not need to pay an exchange fee or other fees for sending and receiving money. Unlike credit or debit cards, UPI allows you to make payments in small amounts without a card. This technology allows you to pay for goods and services from small stores, which is not possible with debit/credit cards. Moreover, UPI transactions are easy because they do not require complex details, such as recipient’s name and phone number. All you need is your UPI PIN.
