UPI Transaction Limit: UPI (Unified Payments Interface) is at the forefront of online transactions. The use of UPI has increased very fast for any purchase or transaction and it is so easy. Small to big transactions done in just a few clicks.
We have become so dependent on UPI Payment Apps for our every transaction that we do many transactions in a day and then it is known that we have crossed the day’s transaction limit. But what is the transaction limit of UPI in a day? This question often comes in front of the customers and now it has been raised in the Parliament as well.
Question raised in Parliament regarding UPI Transaction Limit
Lok Sabha MP Dushyant Singh asked in a written question in Parliament whether there is any limit on the number of online transactions that can be done through a bank on UPI payment apps like Paytm, Google Pay and PhonePe in a day? Along with this, he asked some more questions, such as what are the details of this limit rule, what are the reasons for it? Do public sector banks only apply this limit? Will this hinder the Digital India mission or will the government consider removing these rules?
What was the government’s reply on UPI Transaction Limit?
Minister of State for IT Rajeev Chandrasekhar said that yes there is a limit on the number of online payments or transactions that can be done through the bank in a single day on the use of UPI payment. According to the latest guidelines issued by NPCI (National Payment Corporation of India) on January 10, 2023, only 20 transactions can be done in a 24-hour period from a bank account in P2P ie person-to-person category.
In which the time of the first transaction will be considered as the starting time. This limit has been fixed to protect the customer from possible financial fraud and to comply with the standards for the use of UPI.
In his written reply, the Union Minister said that this limit is applicable to public sector banks including member banks in the UPI UCO-system. The UPI limit is revised from time to time by NPCI to increase customer adoption of UPI and increase the penetration of digital payments.