NPCI has launched a new feature called UPI Circle, allowing you to share your UPI and bank account with kids, senior citizens, friends, and family. But how exactly does it work? Here’s a quick guide to everything you need to know.
What is UPI Circle?
UPI Circle is a feature now live on BHIM and a few selected UPI apps, with more apps expected to adopt it soon. It allows you to create a circle of trusted individuals, making it easier to share your UPI and bank account details securely.
How to Set Up a UPI Circle:
1. Find the UPI Circle Option: Open your UPI app and look for the ‘UPI Circle’ feature.
2. Add Friends & Family: Click on ‘Add Friends & Family’ to your circle.
- Enter their UPI ID or scan their UPI QR code.
3. Ensure They Have a UPI App: The person you’re adding needs to have a UPI app installed on their smartphone.
Manage Payments:
- Set a Limit or Approve Payments: You can either set a spending limit for people in your circle or choose to approve every payment they make. The maximum limit is ₹15,000.
- Select Expiry Date: Choose an expiry date for the circle.
- Choose Your Bank Account: Select the account you wish to link.
- Confirm with UPI PIN: Complete the setup by confirming with your UPI PIN.
What Happens Next?
Once the setup is successful, the members of your UPI Circle will receive a notification in their UPI app. You’ll also receive a notification or message every time a payment is made within the circle.
New Feature Tested:
Recently, UPI sharing was tested on PPI (Prepaid Payment Instrument) wallets, a feature launched by Mobikwik, expanding the flexibility and convenience of UPI Circle.
UPI Circle makes managing finances within trusted groups easier than ever, providing both security and convenience.