Wednesday, February 21, 2024

Indians Gain UPI Access in France: A Game-Changer in Digital Payments

UPI Payment in France: Prime Minister of India Narendra Modi is currently in the capital Paris on a two-day visit to France. PM Modi told that an agreement has been reached between France and India regarding digital payments, under which payments can now be made in France only through India’s UPI. He said that it will soon be started from the Eiffel Tower. What is UPI after all

What is UPI?

Instead of cash transactions, digital payments are gradually increasing rapidly. People do digital payment instead of cash payment for hotels, shopping, tickets and everything necessary. For this we often use UPI (Unified Payment Interface). The full form of UPI is Unified Payments Interface. Through this, we can link it with our bank account using the mobile number. Later, digital payments can be made in the blink of an eye.

When did UPI start?

UPI started on April 11, 2016. NPCI and RBI together started it. However, its trend increased more at the time of demonetisation, because at that time people had cash (cash) problem. Gradually UPI became a habit of the people. The National Payments Corporation of India (NPCI) recently released the transaction data from the Unified Payments Interface (UPI). According to this, UPI transactions have reached 9 billion in May 2023.

How does UPI work?

UPI is based on IMPS (Immediate Payment Service System). To send money from one account to another in UPI, only UPI ID or registered mobile number is required. UPI ID is a unique ID, which is similar to an email ID. This ID is linked to your bank account. You can send or receive money to anyone through this ID.

What is the UPI transaction limit in 24 hours?

According to the National Payments Corporation of India (NPCI), not more than Rs 1 lakh can be transferred in a day (in 24 hours) through UPI. According to the National Payments Corporation of India (NPCI), in May 2023, transactions worth Rs 14.89 lakh crore have taken place from about 9.41 billion transactions through UPI. Similarly, in April 2023, out of 8.89 billion transactions, a transaction of Rs 14.07 lakh crore was done.

How much money can be sent through UPI in a day?

According to the National Payments Corporation of India (NPCI), you cannot transfer more than Rs 1 lakh in a day (24 hours) through UPI. NPCI says that this limit has been fixed keeping in view the fraud and risk associated with UPI.

Know the UPI transaction limit of different banks?

SBI– Limit of one lakh rupees

HDFC – limit of one lakh rupees

HDFC – Rs 1 lakh limit for new customers

ICICI-Google Pay 25 thousand transactions can be done

Axis Bank – limit of Rs 1 lakh

BOB Bank– Limit up to 25 thousand rupees

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