The trend of digital payment transactions is growing rapidly in India. One of the main reasons for this is UPI i.e. Unified Payment Interface. With the help of UPI, one can easily transfer money from one bank account to another at home. National Payments Corporation of India (NPCI) is constantly making new changes to UPI to make the user experience much simpler and easier. Recently, NPCI has added a new feature 'UPI Circle' to UPI for the convenience of users. With this feature, even people whose bank accounts are not linked with UPI will be able to use UPI. So, today in work news we will talk about what is UPI circle? You will also learn that- Q- What is UPI Circle? Answer- UPI Circle is a facility through which users can make payments through UPI even without having a bank account. This feature will be very useful for those who are not using online banking services. For this the user will need only one mobile number and OTP. With the launch of this facility, financial transactions will be facilitated by family members, friends or trusted people. Reserve Bank of India Governor Shaktikanta Das launched it at the Global FinTech Festival (GFF), 2024 in Mumbai. At the launch, Governor Das said that allowing two people to pay from the same bank account will further increase the use of digital payments. Q- How does the UPI circle feature work? Answer- UPI Circle has two types of users. First Primary Users and Second Secondary Users For example, if you have a UPI ID, you will be its primary users and the persons added by you in the UPI circle will be the secondary users. This user will also have the facility to make digital payments through your UPI. UPI Circle will be initiated by primary users only. Primary users authorize secondary users to make transactions through his UPI account. However, secondary users will be allowed to make partial or full UPI payments. But only primary users will decide what rights they want to grant to secondary users. It can be understood in this way that suppose a person is a primary user of UPI. Now, if he gives secondary user rights to his wife or son, the wife and children will also be able to do digital transactions with the father's ID within certain limits. Q- What are the benefits of bringing UPI circle feature? Answer- RBI hopes that UPI Circle can bring a new revolution in the world of digital payments as with the introduction of UPI Circle, it has become possible to use UPI even without a bank account. The latest figures from NPCI show that in July 2024, there were 1,443 crore transactions through UPI in India. Through these transactions a total of Rs. An amount of 20.64 lakh crores was transferred. Let us understand these benefits of UPI Circle in detail. The advantages of UPI Circle are many, but it can also have some potential disadvantages. such as-
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5 family members can use one UPI: RBI launches new feature, 5 people can do up to 15,000 transactions in a month through UPI circle
