The National Payments Corporation of India (NPCI) on March 02, 2023, issued a notification regarding the Implementation of the Rs 5 Lakh limit per transaction for specific categories in UPI.
With UPI emerging as a preferred payment method, there is a need to enhance the per transaction limit in UPI for specific categories, as per the RBI Statement on Developmental and Regulatory Policies, dated 8th December 2023.
Given the above, the per transaction value limit in UPI has now been enhanced to € 5 lakhs for merchants under categories aligned to hospitals and educational services.
This enhanced limit shall only apply to 'Verified Merchants’.
To enable this enhancement:
1. Banks/PSPs/UPI Apps shall ensure that the per transaction limit has been enhanced for the above-mentioned categories of merchants.
2. Acquiring entities shall ensure that merchants are added to the 'Verified Merchant' list after proper due diligence
3. Merchants shall ensure UPI as a payment mode is enabled for the increased limit for these categories
With reference to the above, Members (PSPs and banks) of UPI apps, Merchants and other payment providers are requested to take note of the above enhancement, and undertake requisite changes.
Members are requested to ensure compliance with the same by January 10, 2024
[Notification No. NPCI/UPIOC-185/2023-24]
