• Starting January 1, 2025, the Reserve Bank of India (RBI) will implement new regulations for UPI transactions, significantly increasing the daily transaction limit for UPI123Pay (used on feature phones) to ₹10,000 from ₹5,000, while maintaining the ₹1 lakh daily limit for smartphone UPI apps like PhonePe and Google Pay, with a further increase to ₹5 lakh for medical emergencies.
• These changes aim to enhance user convenience and accessibility, particularly benefiting users of feature phones with the increased UPI123Pay limit, while the existing high limits for smartphone apps remain in place to accommodate larger transactions.
• Furthermore, the UPI Circle feature, currently available on BHIM, will expand to other UPI platforms in 2025, allowing users to add family members or friends for delegated payments with either approval per transaction or pre-set spending limits for secondary users, all while the total UPI transactions from January to November 2024 reached an impressive 15,537 crore transactions valued at ₹223 lakh crore.