National Payments Corporation of India (NPCI) has introduced a new feature called ‘UPI Circle.’ Its main motive is to enhance digital payment accessibility. This new feature will allow main users to add family members and friends as their secondary users. It enables secondary users to make transactions using the primary user’s bank account. The secondary user can make payments at a set limit. It is designed for those who don’t own a bank account or are hesitant to use digital payments.
As per NPCI, the feature aims at empowering secondary users who might be financially dependent to access UPI.
Where UPI Circle Can Be Used?
For those with strict schedules, UPI Circle will allow them to delegate shopping. They can give this task to their domestic help while keeping a close eye on expenses.
Parents can permit their children to make small payments for things like food or school supplies. UPI Circle will keep them updated if they overspend.
Small business owners can permit their staff to make purchases without having to hand over cash. They can keep checking the transaction with UPI Circle.
Features Of UPI Circle
As per the agency, primary users can assign payment approval responsibility to secondary users. Such as family members, friends, and employees. They can make payments directly from the primary user’s account. This feature can be useful for senior citizens who don’t know how to use digital payment.
The features include multiple security measures for the protection of customers. Primary users can set spending limits for secondary users. This will allow them to make payments within the limit and without any further approval. For greater control, there is an option to ‘Approve every payment.’ Here will have to approve each transaction. UPI Circle simplifies daily transactions. NPCI stated,
“About 6% of UPI users make a large number of transactions, mainly because they also make transactions on behalf of others. This feature will allow the primary user to have the same control while offering more convenience while making delegated payments.”
NPCI has set the maximum monthly limit at Rs 15,000, where a single transaction cannot exceed Rs 5,000. Also, for the first 24 hours, the secondary user will have a limit of Rs 5,000. Primary users can set different maximum limits for different secondary users.
Steps To Set Up UPI Circle
- Go to the UPI Circle menu and tap on ‘Add family or friends.’
- Type a secondary UPI ID. Scan their UPI QR code. You can even search your phone contacts to add.
- Now you have to set the permission of payment limit. Click on ‘Spend with Limits’ if you want the transaction to be limited. You can even click on ‘Approve every payment’. Choose according to your preference.
- The secondary user will be notified to accept the request.
- Once the request is accepted, you will be authorized to make payments with the primary user’s UPI account.
Reportedly, a primary user can add up to five secondary users of their choice. On the other hand, secondary users can only accept requests from one primary user. The primary user can also cancel access to the secondary user at any given point.
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