Digital Payment: Paytm, PhonePe and Google Pay Rs. 5 lakh will be paid

Digital Payment: There is an important message for those who make digital payments through mobile phones. With digital payment apps like Paytm, PhonePe, GooglePay, iMobile and YONO downloaded on your mobile phone, you can now make Rs. 5 lakhs can be paid. On August 8, 2024, the Reserve Bank of India (RBI) has announced that it will increase the UPI (Unified Payments Interface) payment limit from Rs.1 lakh to Rs.5 lakh. Presently, RBI Governor Shaktikanta Das informed about the decisions taken in the three-day meeting of the Monetary Policy Committee (MPC) starting on August 6, 2024, that the payment limit from UPO is Rs 1 lakh. Most preferred mode of payment due to its easy facilities. Currently, the tax payment limit for UPI is Rs 1 lakh. Based on various use cases, RBI has periodically reviewed and enhanced the limits for certain categories such as capital markets, IPO subscription, debt collection, insurance, medical and educational services. 42.4% people use UPI Governor Shaktikanta Das because direct and indirect tax payments are common, regular and high value. Therefore, it has been decided to increase the limit of tax payment through UPI from Rs.1 lakh to Rs.5 lakh per transaction. Necessary instructions in this regard will be issued separately. According to RBI, the user base of UPI has reached 42.4 crore. However, the user base is likely to expand further. There are also plans to launch proxy payments on UPI. Shaktikanta Das said the RBI will soon issue guidelines for delegated payments, which will allow one person (primary users) to set a UPI transaction limit for another person (secondary user) in the primary user's bank account. This is expected to increase the inflow and usage of digital payments across the country. Guidelines in this regard will be issued soon. Also Read: RBI proposes to prepare data on digital loans to check unauthorized companies as tomato prices rise RBI Governor Shaktikanta Das said the guidelines were issued on September 2, 2022 to address concerns on protection of customer interests, data privacy, interest rates and recovery processes, mis-selling etc. However, media reports highlight the existence of unscrupulous companies offering digital loans falsely claiming to be affiliated with the RBI. Also Read: Check Deposited In Bank Here, Instantly Cleared There The post Digital Payment: Paytm, PhonePe and Google Pay Rs. 5 lakh will be paid. appeared first on Prabhat Khabar.