The RBI has launched a delegated payments feature for the Unified Payment Interface (UPI). This eliminates the need for the secondary user to have a different bank account connected to UPI by enabling the primary user to authorize another person to make UPI transactions up to a limit from the primary user’s bank account.
Delegated payments for UPI
The move to enable two people to make payments from the same bank account will expand the use and reach of digital payments, according to RBI Governor Shaktikanta Das.
In rural India, where a single family frequently has only one bank account, the move will deepen and increase UPI payments. According to an analyst, the recent modification allows two family members to use a single bank account to make UPI payments.
UPI limit for tax payment
The ceiling on tax payments has also been raised by the central bank. With the exception of some payment types that have higher transaction limits, the UPI transaction limit is Rs 1 lakh.
VIDEO | “Currently the transaction limit for UPI is Rs one lakh except for certain categories of payments which have higher transaction limits. It has now been decided to enhance the limit for tax payments through UPI from Rs one lakh to Rs five lakh per transaction. This will… pic.twitter.com/rMy0ipI8a7
— Press Trust of India (@PTI_News) August 8, 2024
‘The decision has been made to increase the maximum amount that can be paid in taxes using UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will make paying taxes through UPI even easier for consumers,’ he continued.
UPI statistics in july
According to data from the National Payments Corporation of India, UPI transaction value exceeded Rs 20 lakh crore in July for the third consecutive month.
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The total value of transactions made through the digital payment service increased to Rs 20.64 lakh crore this month, up from Rs 20.07 lakh crore the previous month of June.
The average daily transaction volume increased to 46.5 crore in July 2024 from 46.3 crore the previous month, despite the average transaction value declining to Rs 66,590 crore from Rs 66,903 crore in June 2024.
