PayTm Per Day Transaction | PayTm Per Day Transaction Limit | Charge of UPI Transaction on Paytm | Wallet Transaction Limit |
The Unified Payments Interface, or UPI, is a single platform that connects all of your bank accounts to your smartphone. To complete a UPI transaction, all you need is a UPI ID and a UPI PIN. The article will provide you with details about the PayTm Per Day Transaction Limit.
According to a study released on December 8 by the State Bank of India (SBI), digital transactions using the United Payment Interface (UPI) had increased by 1.8 times from pre-COVID-19 levels. The National Payments Corporation of India (NPCI) completed more than 200 crore UPI transactions worth Rs 3.9 lakh crore in each of the two months of October-November 2020.
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The Reserve Bank of India and the National Payments Corporation of India teamed up to make it easier to move money from one bank account to another. As a result, UPI (Unified Payments Interface) was developed. UPI is a single platform that allows customers to conduct all forms of banking transactions from the comfort of their own homes using their mobile devices.
Users can make real-time bank-to-bank transactions with just a virtual payment address (UPI ID) and a security password (UPI PIN). The following transactions can be carried out via UPI:
- Money can be transferred from one bank account to another.
- Pay for items on e-commerce sites.
- Make a money request to anyone.
- Pay your electricity, water, DTH, and broadband bills, among other things.
- Pay in physical stores like confectioneries, stationery, and so on.
UPI Transaction Characteristics
The following are some of the elements of UPI that you should be aware of:
- UPI payments are extremely rapid, generally taking only a few seconds to complete.
- Almost every bank supports UPI transactions via mobile apps.
- Payments are entirely secure. To complete a payment, the user must have his or her mobile number’s SIM card in his or her phone, as well as you need to enter the secret MPIN each time.
- Individuals can request money from another individual using UPI transactions, which is not possible with other payment systems such as IMPS and NEFT.
- These mobile payment apps also allow you to make bill payments, which means you can set up timely reminders for all of your bill payments and make them with just one click using the app.
- You may easily make a complaint using the mobile payment application if you have any problems or suspect activity on your account.
- Payments are accepted 24 hours a day, 7 days a week.
- It’s totally free!
PayTm Per Day Transaction Limit
All payment applications are governed by RBI rules to ensure the safety and security of transactions. The current UPI transaction limit per day is Rs. 1 lakh per account, every 24 hours, due to current rules and regulations.
However, it’s necessary to keep in mind that the actual UPI transaction limit differs from bank to bank, which may limit the amount that may be transmitted at a cheaper rate. The bank determines the maximum UPI transaction limit for users. If a user tries to transact for an amount greater than the daily limit, he or she will be warned that “the maximum limit has been reached.” In such circumstances, the user will have to choose another payment method. You can also make a limit of 10 payments from any bank account in a 24-hour period.
Charge of UPI Transaction on Paytm
Paytm is a mobile payment app that accepts UPI transactions. Paytm does not levy any fees for completing a UPI transaction. Here are some of the reasons why you should use PayTm Per Day Transaction Limit to do UPI transactions:
- Paytm is a straightforward, easy-to-use app.
- On Paytm, you can use a QR code, UPI ID, or IFSC to make a UPI transaction.
- Paytm follows all of the Reserve Bank of India’s norms and regulations, making it a perfectly safe and secure platform.
- In the event of any concerns or questions, the Paytm app provides customer help 24 hours a day, 7 days a week.
- The Paytm application has a daily UPI transaction limit of Rs. 1 lakh.
- On the Paytm app, there are no fees for UPI transactions.
How to Make UPI Transaction
- You’ll need a mobile payments app that supports the UPI service to make a UPI transaction. After you’ve downloaded the app, you can use one of the following methods:
- Choosing a Contact/Inputting a Phone Number – It’s as simple as sending a text message to send money. Simply choose a contact from your phonebook or enter a cell number, enter the amount to be transferred, and enter your PIN. In a matter of seconds, your payment will be finalized.
- Scanning a UPI QR code – You can transmit money via UPI by scanning the QR code of the recipient. All you have to do is open your phone’s mobile payment app, such as Paytm, click on ‘Pay,’ and then select ‘QR code.’ Scan the receiver’s QR code and input the payment amount. Enter your PIN now, and your transaction will be processed in a matter of seconds.
- Adding a UPI ID – All you have to do to send money via UPI ID is open the mobile payment app and enter the recipient’s UPI ID. Following that, you must input the amount to be transferred and then confirm the transaction by entering your MPIN. In a matter of seconds, your transaction will be finished.
- Entering the Account Number and IFSC — this is the traditional method of payment, which is also supported by UPI. You can send money to someone by entering their account number and IFSC, specifying the amount, and entering your PIN. In a matter of seconds, your payment will be finalized.
The maximum amount a user can send from one bank account to another is known as the UPI transaction limit. The highest amount of money that can be transferred via UPI is Rs. 1 lakh.
If you try to transfer more money after you’ve surpassed your daily UPI transaction limit, your transaction will fail and you’ll see a message saying “you’ve reached your daily limit.”
After confirmation, a UPI transaction can be executed in a matter of minutes.