Important news- 5 people can use one UPI: New feature UPI Circle has arrived, UPI will work without a bank account

August 31, 2024

1 hour agoAuthor: Sandeep Singh

The trend of digital payment transactions is increasing rapidly in India. One of the major reasons for this is UPI i.e. Unified Payment Interface. With the help of UPI, money can be easily transferred from one bank account to another while sitting at home.

National Payments Corporation of India (NPCI) is continuously making new changes in UPI to make the user experience extremely easy and simple.

Recently, NPCI has added a new feature 'UPI Circle' in UPI for the convenience of users. With the arrival of this feature, even those people will be able to use UPI whose bank account is not attached to UPI.

so today news of need I will talk about what is UPI Circle? Also, we will know that-

How can I use UPI Circle? What are the benefits of UPI Circle to the users?

Question- What is UPI Circle?

answer- UPI Circle is a feature through which users can make payments through UPI even without a bank account. This feature will be very useful for those who do not use online banking services. For this, the user will only need a mobile number and OTP.

With the arrival of this feature, family members, friends or trusted people will get the facility of financial transactions.

Reserve Bank of India Governor Shaktikanta Das launched it at the Global Fintech Festival (GFF), 2024 in Mumbai. At the launch, Governor Das said that allowing two people to make payments from the same bank account will further increase the use of digital payments.

Question- How does UPI Circle feature work?

answer- There are two types of users in a UPI circle. First is primary user and second is secondary user.

For example, if you have a UPI ID, you will be its primary user and the person who will be added to the UPI circle by you will be the secondary user. This user will also have the facility to make digital payments from your UPI.

UPI circle will be started by the primary user. The primary user gives the power to the secondary users to transact through his UPI account. However, the secondary user will have permission for partial or full UPI payment. But it is the primary user who will decide which right to give to the secondary user. It can be understood like this, suppose a person is the primary user of UPI. Now if he gives the right of secondary user to his wife or son, then the wife and children will also be able to do digital transactions within a certain limit using the father's ID.

Question- What kind of benefits will come with the introduction of UPI Circle feature?

answer- RBI hopes that UPI Circle can bring a new revolution in the world of digital payments because with the launch of UPI Circle, it has become possible to use UPI even without having a bank account. The latest data from NPCI shows that 1,443 crore transactions were done through UPI in India in July 2024. A total amount of Rs 20.64 lakh crore was transferred through these transactions.

Let us understand these benefits of UPI Circle in detail.

UPI Circle will be a great convenience for those who want to monitor their digital transactions. Parents can make their children secondary users, so that they can monitor their expenses. Users can manage their accounts through UPI Circle. This will eliminate any kind of conflict. For example, you can manage the accounts of your minor children or elderly parents. In this, 5 people can make bill payments from a single account. This can be beneficial for those who are running a startup or company and there are multiple people making bill payments from one account. All the records of payment details will be in one place through UPI Circle. There is no need to send money to each other for transactions or expenses in UPI Circle. Therefore, this will also save time. Using this feature, minors or elderly people will not need personal accounts. He can spend according to his needs through UPI Circle. This initiative will further strengthen UPI payments especially in rural areas, where people lack information about financial transactions. UPI Circle is completely safe from the security point of view. This feature can also become a medium to track your digital transactions. Along with this, it also gives flexibility. The primary user can add or remove anyone anytime as per his convenience.

There are many advantages of UPI Circle, but it can also have some potential disadvantages. Such as-

In this, the secondary user is completely dependent on the primary user. The primary user can remove him whenever he wants. Due to limited payment, the secondary user cannot do any big transaction. The secondary user with partial delegation right will have to take permission from the primary user before every transaction. This can take time sometimes.

…
Important news- New method of cheating- UPI auto-pay request: Do not register mobile number everywhere

In this era of digitalization, making online transactions has become more convenient and easier than ever. UPI (Unified Payments Interface) has emerged as a game changer in this. …

…

Graphics Source: NavJivanIndia | VaskarAssets

Important news- 5 people can use one UPI: New feature UPI Circle has arrived, UPI will work without a bank account

Related

Similar Articles

Comments

LEAVE A REPLY Cancel reply

Most Popular