The National Payments Corporation of India (NPCI) has finally rolled out the much-anticipated ‘UPI Circle.’ This new feature allows multiple people to share UPI accounts to make payments, all within pre-set limits. NPCI has designed this feature to allow people who don’t have their own bank accounts or are hesitant to use digital payments to make the most of the UPI facilities. Read on to learn more about UPI circle, its features, and how to use it.
What Is UPI Circle & How Does It Work?
NPCI has finally launched UPI Circle. The new feature allows trusted multiple users to share UPI accounts for payments. It aims to enhance digital payment accessibility by allowing the primary user to add family members and friends as secondary users and enabling them to make transactions using the primary user’s bank account.
In UPI Circle, the primary user will be a UPI user who will be delegating the UPI authentication to make payment to a secondary user. The secondary users here will be trusted individuals of the primary users who will be allowed to use the latter’s UPI account to make payments. As per NPCI’s website, this new feature enables a secondary user to “perform transactions from the payer’s account with minimum intervention and with adequate risk mitigations.”
According to NPCI, UPI Circle will be helpful for parents of college-going students, senior citizens who are wary of digital payments, and individuals who wish to delegate household expenses.
Here’s How To Set Up This Feature Up
UPI Circle comes with layers of intervention and security measures. For starters, once added, the primary users will have the option to set spending limits and approval requirements for each transaction. There is a “Spend With Limits” option on this feature that will allow secondary users to make payments within defined limits without needing approval. On the other hand, the “Approve Every Payment” option will allow primary users to have greater control as each transaction will require their approval.
As per an NDTV report, for now, NPCI has set the maximum monthly limit at ₹15,000 for this new feature. Single transactions cannot exceed a limit of ₹5,000. Additionally, after being added to the UPI Circle, the secondary user cannot make payments of more than ₹5,000 for the first 24 hours.
Here’s how you can set up UPI Circle –
1. On the BHIM app, go to the UPI Circle Menu and tap on “Add Family or Friends”
2. There, you can enter a secondary UPI ID, scan their UPI QR code, or search your phone contacts to add them.
3. You can also set permissions like “Spend With Limits” or “Approve Every Payment” here.
4. The secondary user will receive a notification to accept the request.
5. Once done, the secondary users can start making payments using the primary user’s UPI account.
Also Read: You Can Soon Use UPI In Maldives As India Introduces The Payment Service To Boost Tourism
This new feature will definitely make online payments much more convenient and easier for people! What are your thoughts on this? Let us know in the comments!
Cover Image Courtesy: website/npci.org.in & Canva
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