Unified Payments Interface (UPI) has brought significant ease in doing transactions. You can send or receive money by simply using your UPI ID which helps when you are out of cash or don't want to deal with it. From buying groceries to paying electricity bills, the payments interface comes in handy in many scenarios and is now accepted almost anywhere. However, did you know there are certain limits on the amount you can transfer and the number of transactions you can make through UPI?
According to the National Payments Corporation of India (NPCI), a person can transfer up to Rs 1 lakh through UPI in a single day.
Google Pay, Paytm, and PhonePe are some of the commonly used applications to make UPI transactions. These platforms have set different maximum limits up to which you can transfer money using the payment system.
Amazon allows UPI transactions of up to Rs 1 lakh in a single day. But the maximum limit has been set at Rs 5,000 for the first 24 hours of registering on Amazon Pay.
Just like Amazon's payment platform, you cannot send more than Rs 1 lakh via Google Pay. There is also a cap on the number of transactions per day and one cannot send money more than 10 times in a single day across all UPI applications.
PhonePe allows users to make transactions of up to Rs 1 lakh in a day. It also depends on the bank account the person is transferring the money from.
The upper limit on the maximum amount that can be transferred through Paytm UPI in a day is Rs 1 lakh. Paytm allows transactions of up to Rs 20,000 in an hour through UPI. There is a cap of a maximum of five transactions per hour and a maximum of 20 transactions per day through Paytm UPI.
The daily UPI transfer limit for these applications can also depend on the bank you are using.