UPI Circle has been launched to promote digital payments. With the help of this feature, now even those users whose bank account is not linked to UPI can make UPI payments.
Most of the people use digital payments these days. This is because you can make payments anywhere and anytime. There is no tension of missing or accounting, because when you make any digital payment, you also see the payment history in the app itself. Therefore, to give a better experience to UPI users, the National Payments Corporation of India (NPCI) launched the new feature of UPI.
Reserve Bank of India Governor Shaktikanta Das launched the UPI Circle feature at the Global Fintech Festival (GFF), 2024 on Friday. While launching this feature, Shaktikanta Das said that through this feature, now two people can easily do UPI from one bank account. Digital payments will increase with the coming of this feature.
What is UPI Circle?
UPI Circle is a feature in which users who do not use online banking will be able to make UPI payments. For this, the user will only need a mobile number and OTP.
How does it work?
There are two types of users in UPI Circle. The main person holding the UPI ID is called the primary user. People added to this circle are called secondary users. Secondary users can also easily use UPI to make payments! Understand it this way: The primary user is like an adult who has a special way to pay for things called UPI. They can let another person, called the secondary user, use their UPI to pay for goods. The primary user decides whether the secondary user can pay a little or make the full payment. If a father adds his son to his special money account called UPI, he can choose to give his son some money or all the money he has.
In UPI Circle, you can monitor all your digital transactions. However, there is a disadvantage of this as the secondary user will have to completely depend on the primary user for payment. The secondary user will not be able to make any payment without the permission of the primary user.
