Big Update on UPI Limits: Easier High-Value Payments for Merchants Starting September 15
Hey folks, if you’re a fan of quick digital payments, we’ve got some exciting news from the National Payments Corporation of India (NPCI). They’re shaking things up with new Unified Payments Interface (UPI) rules for Person-to-Merchant (P2M) transactions, kicking in from September 15. This change aims to make big-ticket buys smoother and safer, without the hassle of splitting payments or falling back on old-school cheques.
The best part? You can now handle UPI P2M transactions up to a whopping Rs 10 lakh in a single day for certain verified merchants. But don’t worry, the Person-to-Person (P2P) transfer limit stays the same at Rs 1 lakh daily—no changes there.
These updates target everyday pain points in key sectors where high-value UPI transactions often hit roadblocks. Let’s break it down:
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Capital Markets and Insurance Investments: Bump up your game! The per-transaction UPI limit jumps from Rs 2 lakh to Rs 5 lakh, with a daily cap of Rs 10 lakh. Perfect for those big investment moves.
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Government e-Marketplace (GeM Portal): Whether it’s tax payments or earnest money deposits, you can now go up to Rs 5 lakh per transaction—double the previous Rs 1 lakh limit. Say goodbye to payment splits on official buys.
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Travel Sector: Planning a trip? The transaction limit rises from Rs 1 lakh to Rs 5 lakh, and you can hit Rs 10 lakh in a day. Book flights, hotels, or tours without limits cramping your style.
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Credit Card Bill Payments: Clear your dues faster with up to Rs 5 lakh per transaction and Rs 6 lakh daily. UPI just made bill-paying a breeze.
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Loan Repayments and EMI Collections: Lenders and borrowers rejoice—the limit is now Rs 5 lakh per transaction and Rs 10 lakh per day. No more juggling multiple UPI payments for EMIs.
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Jewellery Purchases: Shine on! Single transactions can now reach Rs 2 lakh (up from Rs 1 lakh), with a daily limit of Rs 6 lakh. Ideal for that special buy without the fuss.
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Banking Services like Term Deposits: Digital onboarding gets a boost too. Limits increase to Rs 5 lakh per transaction and per day, from the earlier Rs 2 lakh.
NPCI says these tweaks will supercharge UPI for high-value payments in vital areas, pushing more Indians towards seamless digital transactions. It’s all about convenience and security, helping UPI grow even bigger in India’s booming digital economy.
If you’re using apps like Google Pay, PhonePe, or Paytm, keep an eye on these changes—they’re set to make your payments faster and easier. What do you think—will this boost your UPI usage?
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