UPI New Feature To promote digital payments, RBI Governor Shaktikanta Das launched the new feature of UPI, UPI Circle. With this feature, now even those users can make UPI payments whose bank account is not linked to UPI. In this article, we will tell you in detail about the UPI Circle feature.
New Delhi. Unified Payment Interface i.e. UPI has started a new era in digital payments. Through this, you can easily make payments from home. To give a good experience to UPI users, National Payments Corporation of India (NPCI) launched the new feature of UPI.
Reserve Bank of India Governor Shaktikanta Das on Friday launched the UPI Circle feature at the Global Fintech Festival (GFF), 2024. Launching this feature, Shaktikanta Das said that through this feature, now two people can easily do UPI from one bank account. The arrival of this feature will increase digital payments.
Now NPCI has added ‘UPI Circle’ feature in UPI. In this feature, those users can also use UPI whose bank account is not linked to UPI. In this article, we will give you every information about UPI Circle.
What is UPI Circle?
UPI Circle is a feature in which users can make UPI payments even without a bank account. This feature will prove to be very beneficial for those users who do not use online banking.
For payment through UPI Circle, the user will only need mobile number and OTP. With this feature, family or friends will also get the facility of financial transactions.
How UPI Circle works
- UPI Circle has primary users and secondary users. The user who has UPI ID is called primary user, while those who are added to UPI Circle are called secondary users. Secondary users can also easily avail the facility of UPI payment.
- Understand it like this that the primary user gives the power of using UPI to the secondary user. He can easily make payment from the primary user’s account. The primary user gives permission whether the secondary user can make partial or full UPI payment or not.
- For example, if a father adds his son to his UPI ID under the UPI Circle feature, then the father has the right to give the son either partial or full payment.
UPI Circle Benefits
- This will prove to be very beneficial for those who want to monitor digital transactions. If parents want to monitor their children’s UPI payment transactions, then this is possible through UPI Circle.
- It will be very easy to manage the bank account of the child or parents through UPI Circle. There will be no conflict in managing the account like UPI transactions.
- If someone is running a startup or company, then through UPI Circle, 5 LoB bill payments can be made from one account. Even the details of all payments will be in one place.
Disadvantages of UPI Circle
UPI Circle is as beneficial as it is disadvantages. Actually, in this feature, the secondary user is completely dependent on the primary user for UPI payment. Apart from this, before making any transaction, the secondary user will have to take permission from the primary user.
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