Banks have opted for daily limits to be applied to Unified Payments Interface (UPI) transactions
The story so far
Currently, for apps like Google Pay, users breach the daily limit if they try to send money more than ten times in a single day across all UPI apps
"The limits are set balancing out customer convenience and potential fraud/risk concerns."
Digital payments app PhonePe's spokesperson told The Hindu:
In May this year, the total number of transactions facilitated using UPI increased to 9,415.19 million.
In terms of volume, whilst P2P (peer- to-peer) accounted for about 43% at 4,045.48 million, and in terms of value its share scaled up to 11.45 lakh crore.
In the P2P category, the majority of the transactions were in the below $500 bracket (54.2%).
Until February in the financial year 2022-23, number of reported UPI frauds had also increased about 13% to 95,402.