UPI has made life easier for the majority of us. The payment mode is unquestionably one of the most popular digital methods. The convenience of payment may cause you to exceed your daily limit at times. Yes, there may be a daily transaction restriction on UPI.
When you make a UPI payment, you are dealing with many apps, banks, and various permutations and combinations. Non-banking apps such as PhonePe and GPay continue to dominate in terms of transaction volume. A failed transaction is common, and one explanation could be the daily limit.
The amount of money you can send or receive each day and month is limited. Limits may vary depending on the app, UPI, or your bank.
The National Payments Corporation of India created the unified payments interface (UPI) as a modern alternative for cash payments (NPCI).
It allows users to pay various businesses from a single mobile application and supports several bank accounts. Dr. Raghuram Rajan, the former governor of the Reserve Bank of India, introduced the application on April 11, 2016.
The ideal limit for UPI transactions is Rs 1 lakh. The maximum payment we can make through UPI differs by bank.
In addition to the money transfer restriction, there is a limit to the number of UPI transfers that can be completed in a single day. The daily restriction for UPI transfers is set at 20 transactions. After exceeding the restriction, one must wait 24 hours before the limit can be renewed. However, the limit may change depending on bank policies.
Let's take a brief look at the daily UPI transfer restrictions in UPI payment service providers like GPay and PhonePe.
Google Pay, also known as GPay, allows for daily money transfers of up to Rs 10,00,000, as well as a total of up to ten transaction limits across all UPI apps and bank accounts. Notably, GPay suspends daily transaction restrictions if a money request exceeds Rs 2,000.
PhonePe has established a daily restriction of Rs 100,000 for UPI transactions. However, the restriction may differ from one bank to the next. In addition, depending on the bank's requirements, a person can initiate a maximum of 10 or 20 transactions each day via PhonePe UPI.
PhonePe, like GPay, allows money requests of up to Rs 2,000 each day.
Paytm UPI allows customers to send money up to Rs 1 lakh.
Amazon Pay has also established a Rs 1,000,000 maximum money transfer limit using UPI. Notably, users can only transact up to INR 5,000 in the first 24 hours after registering for Amazon Pay UPI. Depending on the bank, the number of transactions per day is limited to 20.
If your daily transactions are less than the UPI limit, try a different bank account. Limits on how much you can send or receive from your bank may apply. You can also get further information and explanation regarding the transaction failure from your bank.
To protect against fraud, some transactions may be reported for additional investigation. Contact the UPI app's support team if you're having trouble making a transaction and don't believe you've reached a limit.
In this case, the user may be attempting to pay or send a sum greater than the available balance in the bank account. It is recommended that you check your account balance by touching the UPI money transfer symbol on the app's homepage.
If the user forgets his or her UPI PIN, he or she can reset it by pressing on the UPI profile on the app's homepage and selecting the option 'Forgot UPI PIN.'
When sending money, it is strongly encouraged to double-check the receiver's bank account number and IFSC code. If the user enters the incorrect IFSC code, the transaction may fail.
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