UPI New feature: On August 7, RBI announced two new facilities for the people in its policy. The most important among these is the facility of delegated payment service.
UPI New feature: Digital payments have been increasing continuously in the country in the last few years, especially UPI payments have increased rapidly. To further improve the user experience, RBI is constantly bringing new facilities in the digital payment system. In this episode, RBI announced two new facilities through UPI payment in its policy on August 7. These include increasing the limit of tax payment through UPI and the facility of delegated payment service. Delegated payment service means that the UPI user will be able to give the authority to make payment from his account to another person.
RBI Governor Shaktikanta Das, while giving information about the decision taken in the meeting of the Monetary Policy Committee, said that UPI has become the most preferred method of payment with its convenient facilities. Currently, the limit of tax payment for UPI is one lakh rupees.
What is Delegated Payments Service
Regarding UPI payment, in the Delegated Payment Service, one person (primary user) will be able to allow another person (secondary user) to make UPI transactions from his bank account. However, the limit of such transactions will be set by the primary user. RBI Governor Shaktikanta Das said, “This is expected to increase the reach and use of digital payments across the country. Detailed instructions in this regard will also be issued soon.”
Children will also be able to make payments from their father’s account
Mohit Bedi, co-founder of third party payment application Kiwi, said about the Delegated Payment Service, “Through this step, RBI is going to provide the facility to the primary account holder (parents) so that minors can also make UPI payments through their account. For this, the parents will just have to approve this transaction. With this facility, a new system will come inside the UPI application.”
Tax payment limit increased through UPI
Governor Shaktikanta Das said, “Direct and indirect tax payments are common, regular and of high value, so it has been decided to increase the limit of tax payment through UPI from Rs 1 lakh to Rs 5 lakh per transaction. Necessary instructions will be issued separately in this regard. ”
According to RBI, the user base of Unified Payments Interface (UPI) has reached 42.4 crores. However, there is a possibility of further expansion of the user base. There is also a proposal to start ‘delegated payments’ in UPI.
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