Phonepe is basically a UPI app that can be used for money transfers activities. As per the latest government order, the Phonepe UPI app will permit the user to make transactions only up to Rs. 3 lakhs in a single day. This is a huge change in how a user uses money and interacts with banks. However, this has not been activated yet. Phonepe was recently in the headlines as the RBI upped the Phonepe daily transaction limit from Rs 10,000 to Rs 20,000. Read the article below to know about the PhonePe Money Transfer Limit per day for transactions i.e how much money can you transfer through the app.
The Phonepe App is a fantastic method to conduct secure and fast transactions. With only one click, you may link your bank account or credit card and send money! However, there are some limitations to be aware of before using the program.
- There is a daily transaction restriction of 1 lakh rupees per linked account, as well as a 20 daily UPI transaction limit for all linked accounts on this platform.
- 1 lakh is the maximum amount per transaction allowed
- 1 lakh is the maximum amount that can be paid in a single day.
- In a 24-hour period, the maximum number of Phonepe transactions allowed is 10 or 20. (depending).
Transfer from Phonepe Wallet to Bank
Phonepe has direct access to the bank account; nevertheless, the user must add the bank account as a beneficiary. The apps provide for a monthly restriction of Rs. 1,00,000, preventing users from transferring moreover one lakh rupees from their Phonepe account to their bank account.
PhonePe Money Transfer Limit for your Phonepe wallet
Financial wallets are intended to make money transactions as simple as possible. However, the software makers have imposed a limit for each wallet for security reasons. As a risk policy, Phonepe sets a maximum of Rs. 1, 00,000 for subscribers. You can instantly reload the wallet with a debit card, credit card, or BHIM UPI. Phonepe has increased its daily restrictions as well as monthly (Rs. 10,000) and yearly limits (Rs.1, 20,000). Users’ ability to withdraw cash or make purchases from merchants is similarly limited by the amount specified by Phonepe. A maximum of Rs. 10,000/- can be deducted per month.
The Impact of UPI on Indian Financial Transactions
In 2016, the Reserve Bank of India (RBI) launched the Unified Payments Interface (UPI), which has since grown in popularity among all citizens and simplified money transactions. The payment system is constantly improving, allowing citizens to obtain financial independence and flexibility. The RBI is working with financial institutions to ensure that digitalization is implemented so that Indian residents can transact quickly and securely without having to visit a bank. The Reserve Bank of India contributes to the establishment of daily, monthly, and annual transaction limitations for all financial wallets.
What exactly is Phonepe?
Phonepe is a financial wallet approved by the RBI that allows users to transmit, receive, pay bills, and recharge their phones. For direct credit or debit services, the app is linked to the user’s bank account.
Why is there a daily, monthly, and annual restriction on Phonepe?
When withdrawing or transferring money from a bank account to the Phonepe app, users are limited to a certain amount. This helps to protect the account and money by preventing misuse. Theft or fraudsters are unable to withdraw the entire amount because there is a limit.