Phonepe is a UPI app that can be used for money transfers. In this article, we’ll understand the Phonepe limit per day for transactions in respect to how much money can you transfer through the app.
It should be noted that, as per the latest government order, the Phonepe UPI app will allow you to make transactions up to Rs. 3 lakhs per day. This is a huge change in how we use our money and interact with banks! However, this has not been activated yet. In this blog post, I’ll go over all the details of what you need to know about Phonepe daily limits and how it might affect your life.
Phonepe was in the news recently after RBI increased the transaction limit from Rs 10,000 to Rs 20,000 per day. This was done earlier at the beginning of the year 2021. This article will explain all you need to know about this new feature and how it could be used.
Phonepe Transaction Limit Per Day
The Phonepe App is a great way to make secure, quick transactions. You can easily link your bank account or credit card and send money with just one click! But there are some limits you should know about before using the app.
There’s an individual transaction limit of ₹1 lakh per day as well as 20 UPI transactions per day that apply to all linked accounts on this platform.
Maximum Amount Per transaction = ₹1 Lakh
Maximum Amount can be paid in a day = ₹1 lakh
Maximum Number of Phonepe Transaction limit in 24 hours = 10 or 20 (depending).
More info from Phonepe official terms
Get to know the terms specified by Phonepe for their wallet, bank account transfer and more.
Phonepe Wallet to Bank Transfer
You can transfer funds from your Phonepe wallet to your bank account. However, please note that you’ll have to add a beneficiary to perform this step. Also note that even in case of added beneficiaries, there is a limit of Rs. 1,00,000 per month. So, this means that as per the transaction limit, you cannot transfer more than Rs. 1 Lakh from your Phonepe account to a bank account in any given month.
Phonepe Daily limit for your Wallet
Phonepe has a risk policy that limits your wallet to have not more than Rs. 1,00,000 at any given point of time. You can top-up money in your Phonepe wallet using a debit card, credit card ot BHIM UPI. The money that comes as a refund in your wallet due to failed transactions also comes under these limits.
More Phonepay limits come into existence in terms of loading money into your PhonePe Wallet. A Monthly limit of Rs, 10,000 and an annual limit of Rs. 1,20,000 have been set by Phonepe.
PhonePe Wallet can be used for purchasing things from merchants that accept PhonePe. Here also, you’ll face a Phonepe transaction limit per day. A debit limit of Rs. 10,000/- per month is applicable in such scenarios.
Why are there such limits on Phonepe
Putting a maximum limit on Phonepe UPI is actually beneficial for the users. These limits don’t just apply to Phonepe but also apply to other UPI platforms such as Google Pay, Paytm, Mobikwik, and Freecharge.
The limits are put in place to ensure that the users don’t get into a situation where they have more money than what is needed for their day-to-day expenses or emergencies, which could lead them towards making bad decisions with regards to managing these funds.
What RBI says for UPI Payments
Ever since UPI payments have been made available to the public in India, it has been an instant success. UPI was launched by RBI in 2016 as a payment system that would be interoperable with all banks in the country.
The Reserve Bank of India has been very supportive towards UPI and is constantly working on making it more efficient for its users by adding new features to make payments quicker, easier, etc., but there are some limitations imposed upon Phonepe in regard to daily transaction limits.