The majority of us in this day and age have made the transition to the realm of cashless payments. The dependence on the currency has been replaced with this, which is a refreshing shift from the norm. In the past, merely getting cash required us to wait in line for a significant amount of time at the ATM.
Thankfully, things have changed much since then. After directing your UPI app to a QR code, you can easily pay for your groceries using it. You may also just enter your buddy’s UPI ID and proceed with the transaction if you wish to send cash to a friend.
The populace of India has also become accustomed to making cashless payments like such a duck is accustomed to the water. They are now available at every location you visit. They may be found anywhere, from the chaat wallah at your neighborhood market to the cab driver at your destination, even in the most upscale shopping centers. The fast proliferation of smartphones and the introduction of affordable internet service plans have both played a role in supporting this revolution. As a direct consequence of this, people from different walks of life are now able to complete UPI transactions.
What you must know about the transaction limit on UPI apps?
However, have you ever considered whether or not there is a maximum transaction amount for the UPI? Well, it really does exist. Continue reading if you want to learn much more about daily transaction restrictions for the UPI.
Specific UPI /Google pay limit per day
Banks were able to choose their own UPI transaction limitations within the parameters of the NPCI restriction. They are able to do this to provide their consumers with an even higher level of protection. As a direct result of this, certain banks have decided to make use of the authority granted to them and have decreased the Google pay limit per day for their respective client bases. As a result, the restrictions that banks place on UPI transactions are not standardized. It might be anywhere from 10,000 to a hundred thousand Indian rupees (INR), depending on the bank.
Pros
Simple and brief business transaction
Before the UPI, it was possible that you did not pay the ten or twenty dollars when using a debit or credit card. Because processing credit card transactions is so expensive, most small business owners avoid doing it. However, UPI has altered the circumstances. At this point, every business owner and street seller is able to take payments via UPI.
The hassle-free and inexpensive transaction has made it possible for both the customer and the small merchant to participate. Once you begin utilizing the UPI, you will have a reduced need to make trips to the ATM. Because of the UPI, conducting business with merchants is now simpler.
The superior degree of protection
Google Pay incorporates a number of different security measures to protect your funds from being misappropriated or stolen in any way. Your credit card numbers really aren’t kept or disclosed to anybody else under any circumstances.
The information that is entered is saved on Google’s secure servers, and Google then generates a temporary virtual card for the user. No matter how many times you pay a vendor, they will never have access to your financial information or store it. In order to protect a transaction from being hacked, you will be required to provide a unique security code each time you carry out a financial transaction.
Make payments to the various retailers
It is an unusual occurrence. At first, the idea that I could access all of my bank accounts in one location was difficult for me to wrap my head around. It was only feasible because of the UPI. You only need to download the UPI app to link all of your bank accounts. Therefore, you do not require separate applications for each of your numerous bank accounts. It is possible to make payments from your savings accounts using a single UPI app, which may or may not is provided by your bank.
You need, however, to select a bank account to use as the default. Ensure that the money is deposited into the default account number whenever your UPI ID is used to receive payment from a third party. You can click here to know more from the experts in detail.
Cons
No more than one million in total
In the case of UPI, there is a google pay limit per day that differs from bank to bank, but in the overwhelming bulk of banks, this is not more than one lakh. On the other hand, in the case of many other methods of transfer like online banking and RTGS, there really is no limit, and a person can transfer any sum that he or she wishes to send. Therefore, in plain language, the UPI is perfect for transferring lesser amounts of money, whilst other methods of online fund transfer are better to use when the quantity being sent is significant.
UPI pin
You need to be aware that you should have to send cash from the unified payment interface pin, which is also recognized as the UPI pin, and this is a very comparatively tiny digit, 4 to 6 digits, whereas having a small digit, this is not safe, so end up making your payment cautiously, and its information is something that you should not share with anyone else.
Online Fraud
A whole other issue with the Unified Payment Interface is that it can be challenging to persuade customers to download the bank application for their mobile devices in order to use the Unified Payment Interface. This is due to the fact that customers are understandably wary of engaging in fraudulent activity online and because phrases such as “virtual address” may come across as overly complicated to them, those who are unlikely to take the time to learn about the advantages of using the UPI.
Conclusion
Well, there is a certain Google pay limit per day that you must know about; however, there are some advantages and disadvantages of the transaction limit.
