In the era of digital transactions, PhonePe stands out as a preferred choice for seamless online payments.
As a UPI-enabled platform, it facilitates quick money transfers and contactless payments for various needs.
However, if you’re curious about transaction limits on PhonePe, read on to discover the steps on how to increase transaction limit in Phonepe according to your requirements.
Understanding PhonePe Transaction Limits
Whether you’re using the PhonePe wallet or UPI feature, there are transaction limits you must adhere to. This ensures a smooth payment experience and avoids potential issues with failed transactions. Similar limits are applicable on other popular payment apps like Paytm, Google Pay, Freecharge, Mobikwik, and BHIM UPI.
How to Increase Transaction Limit in PhonePe
If you wish to perform more transactions on PhonePe, here’s how you can increase transaction limit in Phonepe:
- Know Your Current Limit: PhonePe sets a default UPI transaction limit at Rs. 1 lakh with a cap of ten transactions per day. However, your individual bank account linked to PhonePe may have its specific limits.
- Understand Bank-specific Limits: Different banks may have varying transaction limits. For instance, if your PhonePe is linked to Bank of Baroda, the upper limit per transaction is Rs. 25,000, and the daily limit is Rs. 50,000. HDFC and SBI, on the other hand, may have an upper limit per transaction of Rs. 1 lakh.
- Link Multiple Bank Accounts: To increase your UPI transaction limit, link more than one bank account on PhonePe. Keep in mind that the transaction limit is determined by your respective banks.
- Increasing Daily Transaction Limit: Since your daily transaction limit depends on the linked bank account, the solution is to link multiple bank accounts to surpass the current limit.
Conclusion
By following these steps, you can effectively increase your transaction limit on PhonePe, enabling you to perform more transactions as needed. It’s worth noting that the RBI recently raised the outstanding balance in wallets to Rs. 2 lakhs. Earlier it was Rs 1 Lakh.
For any further assistance or queries regarding transaction limits, contact PhonePe Customer Care at 080-68727374 or 022-68727374. You can also reach out via email at [email protected].