UPI Circle 2024 Empowers Trusted Family Members to Seamlessly Make Payments for You
Brief about this feature :
New Delhi: The National Payments Corporation of India (NPCI) has introduced UPI Circle, a new feature designed to make digital transactions even more accessible and convenient. This allows a Primary User to authorize a Secondary User to make payments using their UPI account. This feature is especially beneficial for those who may not have a UPI-linked bank account or are uncomfortable with digital payments.
How it Works
In this, the Primary User delegates payment responsibilities to a Secondary User. This Secondary User can perform transactions within predefined limits, even without their own UPI-enabled bank account. This feature is perfect for simplifying daily transactions. For instance, a parent can authorize their child to pay for school supplies, or a busy professional can delegate grocery shopping to household help, all while maintaining control over spending limits.
Key Benefits
- Parental Control: Parents can authorize their children to make small payments for essentials like food or school supplies, ensuring they stay within budget.
- Support for Elderly: Older adults who are hesitant about digital payments can rely on their children to handle transactions, reducing the stress associated with online payments.
- Convenience for Busy Individuals: Those with hectic schedules can delegate tasks like shopping to domestic help, while still monitoring expenses closely.
- Business Efficiency: Small business owners can authorize their staff to make purchases without handling cash, keeping transactions within a set limit.
Bridging the Gap in Digital Payments
This Circle addresses the challenge that many people still prefer cash for everyday payments. Despite the growing popularity of this, a significant portion of the population either lacks a bank account or is not comfortable managing money digitally. UPI Circle aims to bridge this gap by allowing those familiar with digital payments to assist those who are not.
In many households, one person typically manages finances and handles such transactions for the entire family. This feature now allows this individual to delegate some tasks, ensuring others in the household can make payments without direct access to the primary bank account.
A Step Towards Inclusivity
This is an innovative feature designed to make digital payments more inclusive. It allows more people to enjoy the convenience of UPI without facing traditional barriers, helping to create a more digitally connected society.
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