The Reserve Bank of India (RBI) has made changes to the UPI (Unified Payments Interface) transaction limits, here are some things to know.
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The Reserve Bank of India The Reserve Bank of India from Rs 1 lakh to Rs 5 lakh per transaction.
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This allows a primary user to authorize a secondary user to conduct UPI transactions from the primary user’s bank account.
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The introduction of Delegated Payments is expected to have a substantial impact on increasing digital payment accessibility.
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The UPI platform, developed by the National Payments Corporation of India, has gained global recognition.
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These recent changes reflect the RBI's ongoing commitment to enhancing the functionality and user-friendliness of the UPI system.
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The changes have been met with positive reactions from industry leaders and accelerate UPI adoption among the next 300-400 million users in India.
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The new UPI features, particularly the enhanced transaction limits and Delegated Payments, are anticipated to significantly boost.