New Delhi: The National Payments Corp of India (NPCI), rolled out the UPI Circle feature for UPI users who wish to add their friends and family members to their UPI account without them needing a separate UPI ID> UPI Circle does not require the additional users to have their separate bank account.
A Spend With Limits feature will enable the primary UPI ID holder to monitor transactions made by co-users from their account. They can also choose the option to approve each payment made by their UPI Circle members for the purpose of security and transparency.
Who will benefit from UPI Circle
According to NPCI, UPI Circle will especially benefit senior citizens as well as children, while safeguarding them from phishing and lose money to cyber criminals. Businesses can also benefit from UPI Circle by adding staff to their UPI ID for petty cash purposes.
Maximum limit for UPI Circle transactions
UPI Circle members can spend up to a maximum of Rs 15,000 per month. They can spend up to Rs 5,000 per month in a single transaction. The UPI Circle transaction limit for the first 24 hours is Rs 5,000, according to NPCI. Apart from this, the primary user is empowered to set differing spending limits for each UPI CIrcle user.
Steps to set up UPI Circle
Open your UPI app
Choose UPI circle
Click on the option to “add family or friends”
You can set permission related to spending limits or approving payments
A notification will be sent to the added secondary user
Secondary users can accept the request and start making payments using UPI Circle
Up to 5 secondary users can be added using UPI Circle. Secondary users can only have one primary user.
NPCI has rolled out the UPI Circle function which allows UPI users to link family members’ numbers to their account. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
