New Rules for UPI Money Transfer #trending #upi #ytshorts

Introduction

Recently, the Reserve Bank of India (RBI) Governor launched an exciting new feature for all users of UPI (Unified Payments Interface) apps. This new addition, referred to as the "UPI Circle," is set to enhance the way users interact with their friends and family through money transfers.

Getting Started with UPI Circle

To enable this feature, users simply need to click on the newly introduced UPI Circle in their app. Once accessed, users can add friends and family members by entering their mobile numbers. This simple step allows for seamless interactions and simplified payments between users.

Setting Spending Limits

After adding contacts, the UPI application will provide the option to manage spending limits. By choosing the first option, “Spend with limits,” users can set a specific amount that friends and family can use for payments. This limit ensures that transactions can only occur within the pre-defined range, adding a layer of security and control over money transfers.

Approval for Unlimited Payments

Alternatively, if users prefer to give unrestricted access for payments, they can select the option to “approve everyone.” This means that individuals in the UPI Circle can make payments without any imposed limits. However, it’s crucial to note that for each transaction within this framework, users must approve the payment through their app, ensuring that the user retains control over every financial interaction.

Flexibility with Transaction Management

Users can customize their experience based on their preferences. They have the choice to impose a limit on transactions or allow unlimited transactions with the approval requirement in place. The flexibility of this feature caters to various user needs, making it accessible and practical for everyday transactions.

While some users have begun to explore this feature already, it is anticipated that it will become available to everyone in the near future. This innovative approach to managing money transfer via UPI is a response to the growing demand for safer and more convenient payment solutions in a digital-first world.

Keyword

• UPI Circle
• RBI Governor
• Money Transfer
• Friends and Family
• Spend with limits
• Approval for payments
• Transaction management
• Flexible payments

FAQ

What is the UPI Circle?
The UPI Circle is a new feature that allows users to add friends and family into a circle for easy money transfers through the UPI app.

How can I add contacts to my UPI Circle?
Users can add contacts by clicking on the UPI Circle in their app and entering the mobile numbers of their friends and family.

Can I set spending limits for transfers?
Yes, users have the option to set a spending limit for transactions that can be managed through the UPI app.

What happens if I choose unlimited payments?
If unlimited payments are chosen, friends and family can make payments without limits, but every transaction still requires user approval through the app.

Is this feature available to everyone already?
Some users may have access to this feature now, but it is expected to roll out to all users in the coming times.