UPI Transaction Limit Hike for Tax Payments Announced by RBI
Increased Convenience and Security for Taxpayers
The Reserve Bank of India (RBI) has announced an increase in the transaction limit for Unified Payments Interface (UPI) for tax payments. This move aims to enhance the convenience and security of the digital payment process for taxpayers.
UPI's Growing Popularity
UPI has gained immense popularity in recent years as a convenient and secure payment method. It has simplified retail payment experiences for users, making it a preferred choice for electronic payments.
Enhanced Transaction Limit
With the increased transaction limit, taxpayers can now make tax payments of up to ₹5 lakh per transaction using UPI. This significant increase will facilitate larger tax payments without the need for multiple transactions.
Market Leaders Embrace UPI
Leading payment companies such as Google Pay, Walmart-backed PhonePe, and Amazon Pay are among the five companies seeking to provide UPI-based tax payment services. This competition is expected to further enhance the convenience and accessibility of UPI for taxpayers.
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