UPI updated the public, saying that this day will mark the launch of a new service and that you will receive this benefit
The quantity of online payments made in the nation has increased. The RBI is taking several significant actions to keep this momentum going. It was decided to raise the cap on UPI transactions from Rs 1 lakh to Rs 5 lakh during the MPC meeting. The new regulation will take effect on January 10. Only healthcare facilities and educational institutions saw an increase in UPI transaction limitations.
The National Payments Corporation of India (NPCI) provided the public with a new tool to increase the use of UPI in the nation. In actuality, the UPI transaction limit for healthcare and educational services has been raised as of January 10, 2024. Payments up to Rs 5 lakh can now be made online.
Payments for healthcare and educational services can now be made up to Rs 5 lakh, under a directive issued by the Reserve Bank of India (RBI) last month. Before now, there were issues with UPI payments in these industries. Banks, payment service providers, and UPI applications have been directed by NPCI to raise the limit.
The UPI limit, which was previously set at Rs 1 lakh, has now been raised to Rs 5 lakh. This restriction will only be in place for verified retailers. Under these circumstances, merchants must implement UPI as a payment method. In contrast, the UPI one-day cap is set at Rs one lakh.
The RBI raised the UPI limit to Rs 5 lakh during the December Monetary Policy Committee meeting. This feature will also be accessible on all UPI-compatible apps, including Google Pay, Paytm, and PhonePe. All bank clients will also have access to this feature.
The nation has seen an increase in UPI payments. It will surpass 100 billion by 2023. Approximately 126 crore UPI payments were made in 2022, according to NPCI data. In addition, their data for 2023 showed a 60% growth over the previous year.
