High-value payments for MSMEs and small merchants will become more streamlined, says Sampad Swain, Co-founder & CEO, Instamojo.
MUMBAI, Aug 9 (The CONNECT) – The Reserve Bank of India has decided to enhance the limit for tax payments through UPI from ₹1 lakh to ₹5 lakh per transaction. This will further ease tax payments by consumers through UPI, RBI governor Shaktikanta Das said.
Sampad Swain, Co-founder & CEO, Instamojo, hailed the RBI’s decision and said by raising the limit to ₹5 lakh per transaction, high-value payments for MSMEs and small merchants will become more streamlined, enhancing payment efficiency and financial management.
The RBI also It is proposed to introduce a facility of “Delegated Payments” in UPI. This would enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a limit from the primary user’s bank account without the need for the secondary user to have a separate bank account linked to UPI. This will further deepen the reach and usage of digital payments.
Swain said the feature adds another layer of control, enabling primary users to authorize others with set transaction limits. This is particularly beneficial for our merchants who can now delegate payment tasks while maintaining strict oversight, he said.
“These innovations will drive higher adoption rates, expand the reach of digital payments across diverse demographics, and further our commitment to empowering businesses through digital commerce solutions,” he added.
