Unified Payments Interface, famously called UPI, recorded 657 Cr transactions in August, as da5a of National Payments Corporation of India (NPCI) suggested. Every month, it is recorded that UPI transactions ascended by 4.6 percent in terms of volume and 1 percent on a value basis.
How Does Actually UPI Works?
The UPI work element is VPA or Virtual Payment Address, an individual will have to set their VPA and then he is capable of making UPI payments. Linking multiple accounts with any single UPI application is very easy. And only account numbers or IFSC codes are required for once. “This is a real-time payment system where funds are credited instantly on a real-time basis.”
Today in the smartphone app market there are several UPI-based payment apps like Google Pay, PhonePe, Paytm, BHIM UPI, and more. And apart from these apps, their many bank provided apps to transfer money
UPI Transaction Limits
Central Bank, RBI, and NPCI both have capped the daily UPI transaction limit up to 2 lakh per user with no minimum limit amount.
| Bank | Single Transaction Limit | Limit/per day |
| SBI | Rs 1 Lakh | Rs 1 Lakh |
| HDFC Bank | Rs 1 Lakh | Rs 1 Lakh |
| ICICI Bank | Rs 10,000(25000 for Google Pay users) | Rs 10,000 (25000 for Google Pay users) |
| Andhra Bank | Rs 1 Lakh | Rs 1 Lakh |
| Axis Bank | Rs 1 Lakh | Rs 1 Lakh |
| Canara Bank | Rs 10,000 | Rs 25,000 |
| Dena Bank | Rs 1 Lakh | Rs 1 Lakh |
| Citibank | Rs 1 Lakh | Rs 1 Lakh |
| City Union Bank | Rs 1 Lakh | Rs 1 Lakh |
| Bank of Baroda | Rs 25,000 | Rs 1 Lakh |
| Bank of India | Rs 10,000 | Rs 1 Lakh |
| Central Bank of India | Rs 25,000 | Rs 50,000 |
| Bank of Maharashtra | Rs 1 Lakh | Rs 1 Lakh |
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