From September 15, anyone will be able to pay for purchases up to Rs 10 lakh through UPI. For this, the National Payments Corporation of India has increased the limit of person-to-merchant (P2M) UPI transactions. These changes are expected to benefit those areas where customers often faced restrictions on large transactions.

From September 15, anyone will be able to pay for purchases up to Rs 10 lakh through UPI. For this, the National Payments Corporation of India has increased the limit of person-to-merchant (P2M) UPI transactions.

Many sectors are expected to benefit
These changes are expected to benefit those areas where customers often faced restrictions on large transactions, forcing them to split payments or use traditional options like checks and bank transfers.

However, the limit for person-to-person (P2P) transfers remains unchanged at Rs 1 lakh per day. The per transaction limit for investments in capital markets and insurance has been raised from Rs 2 lakh to Rs 5 lakh, with a maximum of Rs 10 lakh in a day.

However, the limit for person-to-person (P2P) transfers remains unchanged at Rs 1 lakh per day. The per transaction limit for investments in capital markets and insurance has been raised from Rs 2 lakh to Rs 5 lakh, with a maximum of Rs 10 lakh in a day.

Transaction limit raised from Rs 1 lakh to Rs 5 lakh

Earlier, NPCI had raised the per transaction limit on government e-marketplace, including tax payments and earnest money deposits, from Rs 1 lakh to Rs 5 lakh.

The travel sector has also received a significant boost, with the transaction limit raised from Rs 1 lakh to Rs 5 lakh, with the daily limit raised to Rs 10 lakh. Credit card bill payments can also now be made up to Rs 5 lakh per day through UPI.

Amount up to two lakh rupees can be transferred in a single transaction
Jewellery can now be purchased through UPI for up to two lakh rupees in a single transaction. Whereas earlier this limit was one lakh rupees. Transactions in banking services like fixed deposits have also been increased and the limit per transaction and per day has been increased from two lakh rupees to five lakh rupees.

Will make UPI more useful
NPCI said that these changes will make UPI more useful for high value payments in important sectors, which will encourage widespread adoption of digital transactions in India.