Unified Payments Interface (UPI): Variants And Transaction Patterns

Outlook Money

Variants

1. UPI Lite: This variant allows small-value transactions without entering a PIN, with recent enhancements increasing the daily limit to Rs 5,000 and the per-transaction limit to Rs 1,000.

UPI

2. UPI Lite X

Launched in September 2023, this version facilitates transactions without internet connectivity, making it ideal for remote areas.

3. UPI Circle

A new feature enabling primary users to delegate spending authority to secondary users, with a daily limit of Rs 15,000 and individual transaction limits of Rs 5,000.

Transaction Growth

UPI transaction volume increased by 43% and value by 31% in September 2024 compared to the previous year, reaching Rs 20.64 lakh crore.

Transaction Limits

The standard per-day UPI transaction limit is set at Rs 1 lakh, with higher limits for specific transactions like tax payments and capital markets.

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