NPCI: Nowadays, most people do online transactions and if you also pay using UPI, then there is a good news for you. After RBI’s approval, the National Payments Corporation of India (NPCI) has increased the limit of making payments through UPI to Rs 5 lakh. This means that users can now pay up to Rs 5 lakh per day from UPI. The demand for exemption in UPI payment was going on for a long time which has been implemented today.
Who will benefit?
But the benefit of making payments up to Rs 5 lakh issued through UPI is being given to the medical and education sector. This means that if you want to pay for the treatment of a disease in a hospital or for education, then you have a discount of up to Rs 5 lakh. Earlier this limit used to be up to ₹1,00,000, which has now been increased to ₹5 lakh from January 10.
When did the rule come into effect?
Let us tell you that the limit of UPI payment of Rs 5 lakh has been implemented from 10 January 2024 today. The National Payments Corporation of India (NPCI) has issued an advisory to banks and payment service providers to implement the enhanced Rs 5 lakh limit.
Google Pay, PhonePe gain big gains
UPI payments continue to grow in India. So now after the limit of UPI payment is Rs 5 lakh, payment platforms like PhonePe, GooglePe and Paytm have got a big benefit. Google Pay and Paytm are the second and third largest UPI payment systems in India, respectively.