UPI transactions value dips in April to Rs 19.78 lakh crore - ET BFSI (2024)

FAQs

What is the UPI transaction in April? ›

In April, Unified Payments Interface (UPI) transactions experienced a 1% dip month-on-month (MoM). The volume of transactions slipped from 13.44 billion to 13.30 billion, while the transaction value also saw a marginal decline from ₹19.78 lakh crore to ₹19.64 lakh crore during the same period.

India's Unified Payments Interface (UPI) transactions experienced a slight dip in April 2024, totaling 13.30 billion transactions, marking a 1% decrease from the previous month's figure of 13.44 billion transactions.

Total UPI transaction value in July 2024 reached ₹20.64 trillion. UPI transactions grew by 45% year-on-year. Average daily transaction value in July 2024 was ₹466 million (₹66,590 crore).

As per the RBI Governor statement, "Currently, the transaction limit for UPI is Rs 1 lakh except for certain category of payments which have higher transaction limits. It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction.

The UPI transaction limit per day is Rs.1 lakh as per NPCI.

However, the limit is Rs.5 lakh for payments to educational institutions and healthcare. The maximum UPI daily transfer limit can change from bank to bank between Rs.25,000 to Rs.1 lakh.

The money is transferred from one VPA to another when making online bank transfers via UPI. With UPI, users can now send and receive money directly from/to bank accounts. It has completely transformed online banking and money transfers. A UPI ID is all that you need for completing a transaction.

The Unified Payments Interface (UPI) is the backbone of digital transactions in India. The general limit for UPI transactions is set at Rs 1,00,000 per transaction by the National Payments Corporation of India (NPCI).

Regular UPI transactions have a maximum daily limit of ₹ 1 Lakh. UPI withdrawals from ATMs using UPI apps are limited to ₹ 10,000 per day. Bank UPI apps allow a total of 20 UPI transactions each day. Third-party UPI apps permit a maximum of 10 transactions per day.

UPI's security measures, including encryption and multi-factor authentication, ensure the safety of transactions. Additionally, UPI is widely used for merchant payments, enabling users to make quick and secure transactions by scanning QR codes or entering merchant details.

Add Google Pay to your app directly and accept payments instantly. Use the Google Pay API to add Google Pay as a payment option using the Unified Payments Interface (UPI) intent mechanism. Enable seamless payment flows for your customers in your Android app.

How many UPI transactions per day in HDFC? ›

UPI transaction limits

HDFC Bank: HDFC Bank has set a maximum limit of Rs 1 lakh for P2P UPI transactions, or 20 transactions per bank account in a 24-hour period.

For merchant transactions such as capital markets, insurance, and foreign inward remittances, you can send up to Rs 2 lakh via UPI.

GPay/Google Pay Transaction Limit Per Day

The Gpay limit per day for money transfers for users in India is ₹1,00,000. Moreover, in 24 hours you can send money only a maximum of 10 times in GPay or any other UPI app.

The maximum limit is Rs. 1 lakh per day, and for new UPI users, the limit is only Rs. 5,000 for the first 24 hours from registration. This limit can not be increased.

Log into your bank's mobile app or online banking account. Look for a section titled 'Transactions', 'Payments', or something similar. Select the UPI transaction you want to check.

Do money transfers happen on UPI only during banking hours? All payments are instant and 24/7, regardless of your bank's working hours.

Unified Payments Interface (UPI) transactions have grown from 92 crore in FY 2017-18 to 8,375 crore in FY 2022-23 at a Compound Annual Growth Rate (CAGR) of 147% in terms of volume. Similarly, the value of UPI transactions has grown from ₹ 1 lakh crore in FY 2017-18 to ₹ 139 lakh crore in FY 2022-23 at a CAGR of 168%.