Phonepe is a UPI app that can be used for transferring funds. This app has become popular after the RBI increased the per transaction limit from Rs 10000 to Rs 20000. Moreover, according to the NPCI Report in 2020, the UPI transactions in October were 2071.62 million, of which 1655 million transactions were from Phonepe.
Phonepe was in the news in December 2021 when the government gave an indication for the enhancement of the Phonepe transaction limit from Rs 1 lakh to Rs 3 lakh per day. But this has not started yet. In this blog post, we discuss the Phonepe transaction limit and how it can be beneficial for you.
Phonepe facilitates sending or receiving money.
What is a Phonepe?
Phonepe is a digital payment app and a fintech company that was founded in 2015 by Samir Nigam, Rahul Chari, and Burzin Engineer. The app offers us ease in financial transactions. Using it, one can send, receive, and pay utility bills via a smartphone.
What exactly is the Phonepe transaction limit per day?
The NPCI revised the Phonepe transaction limit as
- The maximum transaction limit per day is Rs 1 lakh.
- The total number of transactions is 20 in 24 hours.
- And the maximum amount per transaction limit is Rs. 20000 per day.
- Phonepe offers you the feature of requesting money up to Rs 2000.
The transaction limit varies for different banks. For example, the Phonepe transaction limit for SBI is Rs 1 lakh per day. However, it is Rs 50,000 for the Bank of Baroda.
Some banks set their transaction limits on a weekly basis. For example, the phone pe transaction limit per week for IDFC Bank is Rs 3 lakh.
Click here to know more about the phone transaction limits of various banks.
How can the Phonepe transaction limit be beneficial for users?
The Phonepe transaction limit is up to Rs 1 lakh per day. Within that limit, you can purchase goods and products such as electronic gadgets, household goods, and many others through e-commerce websites.
Paying Money to Merchants
Using the NEFT and RTGS platforms, you cannot send or receive less than 2 lakhs. But in the case of Phonepe, you can send money from Rs 1 to Rs 1 lakh per day to any merchant.
Instant Money Transfer
Transacting funds using NEFT and RTGS takes 30 minutes to 24 hours after registration on these platforms. However, in Phonepe, you can send or receive funds up to 1 lakh in a second just after registering on the Phonepe portal.
To Offer Safety from Theft
The NPCI revised the Phonepe transaction limit per day to Rs 1 lakh. This means you can’t transfer or add more than one lakh rupees to your Phonepe account. If fraudsters find your Phonepe account details, then they will not withdraw more than Rs 1 lakh rupees.
Phonepe platforms limit your purchasing power by allowing you to spend only one lakh rupees per day. That is why it helps with managing your daily, weekly, and monthly expenses as well.
Easy to Transact Recurring Big and Small Fund
Recurring sending and receiving of funds have become simple due to Phonepe. Now you can pay up to Rs 1 lakh per day via Phonepe to suppliers or manufacturers for the smooth running of your business. If you want to transfer more than one lakh, then you can integrate more bank accounts into the app.
You can do twenty transactions per day using the app. So you make small or large payments multiple times to merchants, suppliers, and exporters.
Phonepe is an app that assists with money payments to different kinds of users, like sellers, buyers, and business people. And the phone transaction limit supports you in limiting your expenses as well as making instant payments to purchase goods up to Rs 1 lakh per day. This limit also reduces the risk of fraud because if fraudsters try to withdraw money by overlooking your bank account details, they can only transact or withdraw money from your Phonepe account up to Rs 1 lakh.
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