• The Reserve Bank of India (RBI) is implementing new UPI regulations effective January 1, 2025, primarily increasing transaction limits for various UPI services to enhance user convenience.
• A key change involves raising the daily transaction limit for UPI123Pay (used on feature phones) to ₹10,000 from ₹5,000, while the limit for smartphone UPI apps like PhonePe and Google Pay remains at ₹1 lakh daily (with a ₹5 lakh limit for emergencies).
• Furthermore, the UPI Circle feature, currently available on BHIM, will expand to other UPI platforms, allowing users to add family members or friends for delegated payments with either individual approval or pre-set spending limits for secondary users.