INDIA: “Increase in per transaction limit to Rs 10,000 from Rs 5,000 under UPI 123 and enhanced limits in UPI Lite is a big positive. Under-served categories such as senior citizens, and users from rural India with limited usage of digital means may find this beneficial. Enhanced limits can be particularly useful for making utility bill payments and for payments to other users.
This welcome move from the RBI comes after the SEBI’s directive to allow a UPI-based block mechanism for funding secondary market trades in the capital market. Overall, the use cases for UPI are increasing. This augurs well for both the consumer as well as for the industry, as payments become more efficient and convenient.” said Rahul Jain, CFO of NTT DATA Payment Services India
