UPI Transaction: Features, limits, and benefits
What is a UPI transaction
A UPI (Unified Payments Interface) transaction is a digital payment system that allows users to send and receive money using their smartphones. It enables seamless, instant fund transfers between different bank accounts without the need for traditional banking details like account numbers and IFSC codes. UPI transactions have gained immense popularity due to their convenience and ease of use.
Features of UPI transactions
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Simplicity
UPI transactions are user-friendly and can be initiated through mobile apps, making them accessible to a wide range of users.
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Instant transfer
Funds are transferred in real time, ensuring quick and immediate transactions.
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24/7 availability
UPI transactions can be conducted at any time of the day, including weekends and holidays.
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Security
UPI employs multiple layers of security, including PIN and biometric authentication, to ensure the safety of transactions.
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Linking multiple accounts
Users can link multiple bank accounts to a single UPI ID, enabling flexibility in choosing the account for each transaction.
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Bill payments
UPI can be used to pay bills, make online purchases, and even for services like mobile recharges.
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Collect requests
Users can send payment requests to others using UPI, streamlining processes like splitting bills.
Benefits of UPI transaction
No hidden charges
UPI transactions typically have minimal to no transaction charges, promoting cost-effective digital transactions.
Interoperability
UPI is interoperable across various banks and payment service providers, promoting a unified digital payment ecosystem.
Cashless economy
UPI transactions contribute to the vision of a cashless economy by reducing the reliance on physical currency.
Convenience
Users can initiate transactions from the comfort of their homes, reducing the need to visit banks or ATMs.
Financial inclusion
UPI has played a significant role in bringing financial services to underbanked and rural areas.
UPI transaction limits
Transaction type |
Per transaction limit |
Daily limit |
UPI transactions |
Varies by bank |
Generally, up to Rs. 1 lakh |
UPI collects requests |
Varies by bank |
Generally, up to Rs. 1 lakh |
UPI payments to Merchant |
Varies by bank |
Generally higher limits |
UPI transaction charges
Most banks do not charge any fees for UPI transactions, but it is recommended to check with your bank for specific details.
How to make a UPI transaction
- 1 Download a UPI-enabled app from your bank or a third-party provider
- 2 Register and link your bank account
- 3 Set up a UPI PIN
- 4 Choose the 'SEND MONEY' option
- 5 Enter the recipient's UPI ID and the amount
- 6 Confirm the details and enter your UPI PIN to authenticate
- 7 The transaction will be instantly processed
Frequently asked questions
The Bajaj Pay UPI transaction limit pertains to the maximum amount of money that you can transfer in a single UPI transaction using the Bajaj Pay platform. These limits can vary based on factors such as the type of transaction and the specific policies set by Bajaj Pay or your bank.
Upon reaching the maximum UPI transaction limit per day, you will be unable to initiate any further UPI transactions until the next day. This limit is in place to ensure security and prevent unauthorised or excessive transactions within a specific time frame.
The highest amount that you can transfer through UPI varies depending on the policies of your bank, the type of transaction, and the service provider you are using. Generally, UPI transaction limits are set at levels that prioritise both convenience and security, often allowing transactions up to Rs. 1 lakh or even more for certain transaction types.
Yes, you can perform UPI transactions on the Bajaj Finserv platform. UPI transactions provide a convenient and secure way to transfer funds, make payments, and manage your finances digitally.
Yes, it is safe to carry out UPI transactions on Bajaj Finserv. Reputed platforms like Bajaj Finserv implement robust security measures, such as UPI PIN and biometric authentication, to ensure the safety and integrity of your transactions.
UPI transactions are typically completed almost instantly. The process involves real-time fund transfers between bank accounts, and the transaction confirmation usually occurs within seconds of initiating the transfer.
Most banks and payment service providers do not charge any fees for UPI transactions. However, it is advisable to review the terms and conditions of your specific bank or service provider to confirm whether any charges apply to UPI transactions conducted through their platform.
