PhonePe recently announced PhonePe UPI Circle. UPI is the payments interface which platforms like PhonePe, Google Pay, and more leverage to allow users to make online payments directly from their bank in real-time. At present, if someone wants to trasact through their UPI ID, that UPI ID needs to be attached to a bank. However, with the UPI Circle, that has changed forever.
Read More - Redmi A5 Launched in India with 120Hz Refresh Rate: Check Price
There are still millions of Indians who don't have access to a bank. For them, UPI simply won't work. But that changes with the PhonePe UPI Circle. PhonePe said that with the UPI Circle, users can add their family members, friends or anyone they want to in their circle and then these added users will be alloted one UPI ID each. These UPI IDs will be attached to the primary user's (the one who owns the control of the circle) bank account.
Then there are two ways this will work for the users.
Read More - Motorola Edge 60 Stylus Launched in India: Price and Specs
Firstly, the primary user can set a monthly transaction limit up to Rs 15,000 for the UPI IDs. On top of this, there will be a limit of Rs 5,000 per transaction. Then there's another way. In this way, the primary user can set a control option wherein he/she is approving every transaction that takes place. So the secondary users will make the payment only when the primary user approves for that.
This feature is likely going to be introduced by other UPI platforms as well. It is great for people who don't currently have a bank account of their own. It also allows India to push digitialisation faster and make the country a cashless economy. UPI works seamlessly everywhere not only in India, but also outside.
