UPI by NPCI has revolutionized digital payments in India, continuously evolving to offer more versatile and convenient options. Here are 10 remarkable UPI use cases that highlight its adaptability:
1. Pay by UPI: The core function of UPI—simple and quick payments to anyone, anywhere. Just scan a QR code or enter a UPI ID, and the payment is done!
2. UPI Autopay: Don’t have a credit card for recurring payments? No problem! UPI Autopay allows you to automate bill payments and subscriptions effortlessly. Set it up once and enjoy uninterrupted services.
3. Credit on UPI (Rupay Cards): Link your Rupay credit cards to UPI and make seamless transactions while earning rewards.
4. UPI Lite: For small, everyday transactions, UPI Lite offers super-fast payments without the need to enter a UPI PIN each time.
5. UPI Lite X: Make payments even without an active internet connection. Perfect for areas with poor coverage, thanks to NFC technology.
6. UPI 123 Pay: Ideal for feature phone users, UPI 123 Pay enables payments through IVR, missed calls, and app-based functions without needing internet access.
7. UPI for ASBA (Applications Supported by Blocked Amount): Simplify your IPO applications by using UPI as a payment option. Funds remain securely blocked until the allotment of shares.
8. UPI for Secondary Market: Investors can now use UPI to block funds post-trade confirmation and settle payments on a T+1 basis, streamlining stock market transactions.
9. UPI-ATM: Withdraw cash from ATMs using UPI by scanning a QR code—no card needed. It’s even more convenient than traditional cardless withdrawals.
10. UPI Delegated Payments: One bank account, multiple UPI IDs. You can authorize a secondary user, like a family member or household help, to make transactions from your bank account.
Bonus
While UPI daily limits are generally ₹1 lakh, they are extended for specific transactions:
- Insurance and capital markets: Up to ₹2 lakhs
- IPO and retail direct schemes, verified education, and hospital payments: Up to ₹5 lakhs
These extended limits make UPI suitable for critical, high-value payments as well.