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 06/11/2024
    |   4 Comments
    |   Krupali Parmar
    |   2:05 PM

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  • Introduction
  • A Brief Explanation of Daily Limits by Phone Pe
  • Here’s Why Keeping Track of Your Phone Pe Limits is Crucial
  • Increasing the Day-to-Day Transactions Using Phone Pe
  • Other Options, Like Phone Pe for Large Value Transfers
  • Conclusion: Ready to Upgrade Your Wallet?

Introduction:

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With the pace of technological advancement in the world, there’s been a dramatic shift in how many people conduct their financial affairs. In this context, Phone Pe is one of the most used mobile wallets in India. It doesn’t matter which services you are offering; Phone Pe has made interactions easier and better. Do you remember that time when you needed to perform a crucial transaction using the Phone Pe application, but after all the efforts, you realized that you had exhausted the daily transaction limit of Phone Pe? Such scenarios are common, but if they’re regular, users need to get educated about these limits and their impact on overall financial freedom.

This article examines the daily transaction limit of Phone Pe, its significance, and the means through which users can make an upgrade that will increase the limits and make their transactions easier.

A Brief Explanation of Daily Limits by Phone Pe:

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Like many other payment platforms, Phone Pe has also set transaction limits for its users in order to safeguard the platform from fraudulent activities. These limits govern how much you can transfer or receive in one day. However, the limits are influenced by several factors. The limits may be on how much one is able to transfer between person’s bank accounts, merchant payments, as well as paying utility bills.

  1. UPI Transaction Limits

UPI Transactions work in phone pe, that is, it involves the transfer of funds from one bank account to another and bank phone to z phone for the transfer. But each UPI-based platform, including PhonePe, has limits on how many and the value of transactions that can be completed in a day.

  • Per Transaction Limit: Phone Pe has a limit of rupees one lakh maximum amount distributed or achieved by Phone Pe, that is 1 copy or 210 notes. It is the amount that can be transferred through UPI in one transaction when sending money.
  • Daily Transaction Limit: It is limited to twenty UPI transactions, regardless of their amount, per day for the customers of Phone Pe.
  • Daily Transfer Cap: Though the maximum limit for transfer in one transaction is ₹1 lakh, the operational practices of various banks may suggest differently.

Here’s Why Keeping Track of Your Phone Pe Limits is Crucial

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  • Security and Fraud Prevention: Daily limits protect your account from fraudulent activities. If someone were to gain unauthorized access to your account, the limits would prevent them from transferring large sums of money out in a single day.

This is what you will know about when tracking your phone Pe limits is important:

  • Account Security: Knowing the daily limits when transacting using PhonePe also helps to prevent fraudulent attempts. For example, if one loses their account and an outsider gets access to it, then the limitations would stop the outsider from overflowing the account with outflows in one day.
  • Planning: When one knows his limits, he can plan and choose to make a large transaction in advance so that he never goes over the expected limitation. In case you run out of daily limits, you may need to look for the next day or a different way to finish your transaction.
  • Control Over Transactions: For any transactions that you would need to carry out on Phone Pe and its limits have been reached, these borders and transaction limits help in saying just that. This is especially important for those who have gone digital, as they are likely to forget how much they have spent—with the use of a digital wallet and utilizing UPI for payments often.

Increasing the Day-to-Day Transactions Using Phone Pe

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If such graph restrictions normally obstruct the lines, you may be wondering whether there are any methods of elevating level restrictions most of you will normally see next on paper or in terms of limits through currency on Phone Pe on UPI payments. Nevertheless, there are several sorts of ways to be able to use and optimize the able limit during these periods:

  1. Upgrade your bank account

Most banks have different upgrade versions of accounts, with the upgraded ones allowing for higher daily transfer limits as compared to basic accounts. Other banks have different UPI caps, and you could check whether a higher-tier bank account might be more suitable than the version you’re currently holding.

  • Use multiple UPI platforms.

In case the daily limits of Phone Pe are acting as an obstacle for your transactions, you can make use of multiple UPI platforms, such as Google Pay, Paytm, or BHIM simultaneously. Each app has its own respective transaction limit; thus, you can distribute your transfer across various apps to do bigger transfers.

  • Link Multiple Bank Accounts

Phone Pe supports the facility of linking multiple bank accounts. In case the UPI limit of one of the banks is crossed, then you can use another account that you have linked in order to carry out transactions.

  • Small Payments Use Phone Pe Cards for High Payments

You can pay using your debit or credit card through Phone Pe for any payment above ₹1 lakh if your card provider has allowed higher transaction amounts than the ₹1 lakh UPI limit.

  • Customer Support

For issues of persistent restrictions on transactions or an uptick for a significant one-time transfer, you can consider reaching out to PhonePe’s customer service department for advice. Phone Pe cannot directly increase UPI limits but may possibly provide feasible solutions or elucidate on the limits applied by your bank.

Other Options, Like Phone Pe for Large Value Transfers

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Whenever you often need to pay for high-value transactions that are above the phonePe limit, you shall have to look for payments elsewhere. Here are your options:

– Net Banking: Often, a transaction from one bank account done through net banking would normally attract much higher limits in comparison to those of UPI.

NEFT/RTGS: Transfer funds from one bank account into another using NEFT and RTGS attracts far better transaction limits than any transactions done on UPI-related services.

Paytm or Google Pay: They also have similar UPI-based limits, but you can use them in combination with Phone Pe to diversify your transactions across various platforms.

You might need to contact the customer support team at Phone Pe if there are some repeated issues arising with the transaction limits or a specific transfer that requires raising the limit one time. Phone Pe cannot raise the UPI limits on your behalf, but it can present you with alternative solutions or clarify the limits being imposed by your bank.

Conclusion: Ready to Upgrade Your Wallet?

The limits on daily transactions instituted by Phone Pe for security reasons sometimes feel too restraining, especially if you’re regularly dealing with large amounts of money or making frequent payments. But don’t worry. All it takes is some planning—in the form of upgrading your bank account or joining multiple UPI platforms, maybe even opting for card payments—with these problems being over and done with.

Be well informed about your limits in your Phone Pe balance so that you never get surprised while making crucial payments, and so are one step ahead by thinking about a strategy of optimization in spending to keep your wallet always fresh for the next upgrade.

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