PhonePe UPI Circle Feature: PhonePe has launched a new feature called UPI Circle. This feature is for sending and receiving money in groups. Now PhonePe users can easily create groups and send money to each other.
UPI Circle will be a kind of private group. You can add your friends and family members in this group.
PhonePe , a big digital payment company, has launched a new feature. Its name is UPI Circle. With this, people will be able to easily manage payments for their family and trusted people. You can create a group with UPI Circle. The main account holder in this group can make UPI payments on behalf of others. Even if a member’s bank account is not linked to UPI, he will still be able to make payments.
What is UPI Circle?
According to the Economic Times, this is a group where the primary user can make payments on behalf of someone else, even if those people do not have a bank account linked to UPI. UPI Circle is very useful for those who want to manage the payments of their family members. It is also good for those who do not have a bank account but want to make digital payments.
How does it work?
Secondary users can make payments using their UPI ID. But the primary user has full control. He can approve or reject payment requests. Can keep track of expenses. Can view payment history and can remove anyone from the group at any time.
What is the claim?
PhonePe’s Chief Business Officer (Consumer Payments) Sonika Chandra says that UPI Circle is a huge step. This will make digital payments easier for those who do not have a bank account or who are just learning to make digital payments. She said that the purpose of including UPI Circle in the PhonePe app is to make digital payments easy for everyone and everyone can take advantage of financial services.
It started in these apps too
Economic Times had reported last year that the National Payments Corporation of India (NPCI) was going to introduce this feature. Major payment apps like Amazon Pay, Google Pay and BHIM had also started its trial in September.
Preparing for listing in the market
The Economic Times also reported in February that PhonePe is preparing to be listed on the Indian stock market with the help of Walmart. However, no date has been set yet.
PhonePe CEO and co-founder Sameer Nigam said that the listing is taking some time. One reason for this is that according to NPCI rules, no UPI app can capture more than a certain market share.
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