UPI Transactions: UPI or Unified Payments Interface has become one of the most popular transaction medium in India since its launch. UPI transactions are easy to do and can be done within seconds unlike NEFT or IMPS transactions.
What is UPI?
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Where in NEFT or IMPS a customer has to enter more details and go through a more elaborate process, UPI makes it so popular among the masses. Everyone who has a smartphone and an active internet connection can use the UPI method.
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“Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an entity regulated by RBI. UPI is built on the infrastructure of IMPS and allows you to transfer between bank accounts of any two parties instantly. allows money to be transferred,” says the website of NPCI, which has developed the system.
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Users can use the BHIM UPI app and mobile apps of their banks besides various payment apps like PhonePe, Paytm and Google Pay to transfer money through this method.
Although UPI is one of the fastest and most easily accessible payment methods, that doesn’t mean you can use it for endless daily transactions. RBI and NPCI have capped the daily transaction limit of Rs 2 lakh per user. However, different banks including State Bank of India, Punjab National Bank, HDFC Bank and ICICI Bank also have different transaction limits.
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– state Bank of India: India’s largest lender, SBI or SBI UPI transaction limit has been set at Rs 1 lakh per user, while the daily UPI limit has also been set at Rs 1 lakh.
