The National Payments Corporation of India (NPCI), owned by Reserve Bank of India (RBI) and the Indian Banks Association (IBA), have increased payment limits per day for customers. The customers will now be able to make payments of up to Rs 5,00,000 per transaction, and up to Rs 10,00,000 for capital market investments. Further, for credit card repayments, the UPI transaction limit has been increased to Rs 5,00,000 and per day transaction limit is not set at Rs 6,00,000.
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For jewellery, transactions worth Rs 2,00,000 can be made in a single transaction, and up to a total of Rs 6,00,000 in a day. The merchant/business transactions have been increased to Rs 5,00,000 in one go. More things have been updated, such as transaction limit for opening a new digital account. That has also been set at Rs 5,00,000.
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NPCI recently also partnered with PayPal which will now allow users to make cross border transactions as well as transfer money internationally. This will also allow P2P transactions in INR using UPI. These innovations and increased limits will allow users to truly adopt digital payments in India and help make the countr cashless.
