If you also use UPI for payments, then this news is for you. Yes, the National Payments Corporation of India (NPCI) has made a major change in the limit of Person-to-Merchant (P2M) transactions of Unified Payments Interface (UPI). The new rule will be implemented from September 15. Its aim is to make large digital payments easy and secure.
While the limit for person-to-person (P2P) transfers will remain at Rs 1 lakh per day, the limit for P2M transactions will now be Rs 10 lakh per day for select verified merchants. This will facilitate customers who had to split the amount or use traditional methods like cheques and bank transfers to make large payments.
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New limits in various sectors
- Capital Market and Insurance: Transaction limit increased from Rs 2 lakh to Rs 5 lakh, daily limit to Rs 10 lakh.
- Government e-Marketplace (GeM Portal), Tax Payment and Earnest Money Deposit: Increased from Rs 1 lakh to Rs 5 lakh per transaction.
Travel sector: Transaction limit increased from 1 lakh to 5 lakh and daily limit to 10 lakh.
Credit Card Bill Payment: Rs 5 lakh per transaction and daily limit of Rs 6 lakh.
Loan Repayment and EMI: 5 lakhs per transaction and daily limit 10 lakhs.
Jewelry purchase: 2 lakhs at a time and daily limit 6 lakhs.
- Term Deposit through Banking Service Digital Onboarding: Increased from Rs 2 lakh to Rs 5 lakh per transaction and per day.
NPCI has said that these new rules will make UPI even more useful and convenient for large payments. This will promote digital payments in the country and facilitate transactions in important sectors.
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