This is the 21st century wherein everything has experienced change and among those things, one is money. Money’s value has surely been increasing but the method of use has seen a drastic change from barter to cash to cashless transactions.

In 2016, the National Payments Corporation of India (NPCI) introduced India’s national payment interface called the Unified Payments Interface (UPI) which revolutionised digital payments in India. The UPI system enables users to transfer or receive money in a blink in their respective bank accounts.

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In today’s date, it is the most preferred method of payment as it is seamless, cashless, and convenient. The NPCI has introduced a new feature in the domain of UPI called the UPI Circle for delegated payments for secondary users, an innovative and smart way to make the financial part of people’s lives much smoother than before.

What Is UPI Circle?

UPI Circle is a new feature added to existing UPI that gives more control to the users. It allows the account holders to delegate or entrust the authority to make payments by providing them access to a shared UPI account. This implies that now an individual can share a UPI account with multiple people such as family members, friends, or business partners at the same time.

Benefits Of Using UPI Circle

UPI Circle is a creative and time-saving update that has numerous benefits such as

• Limiting Transactions: The primary account holder of the shared UPI Circle can set transaction limits for each delegate. The limit can either be set monthly (15000 INR per month) or daily (5000 INR a day).

• Full or Partial Delegation: The primary account holder can either give the delegates full delegation under which they can perform the transactions independently per the set limits or partial delegation wherein they can initiate the payments but only the primary account holder can authorise it by entering the pin code.

• Security Concerns: UPI Circle gives the primary account holder full control of the shared account. They have the power to revoke a delegate’s access whenever they feel the need to do so. The transactions are protected by encryption that secures one’s financial information.

• Monitoring Transactions: The primary account holders receive a notification whenever a payment is authorised to keep a check on their account balance and monitor the activities of delegates and themselves.

• Family-friendly update: UPI Circle simplifies financial management within families. For example, children can share their UPI account with their parents allowing them to make payments as and when required. This eliminates the need to ask for money.

• A new age for small businesses: Small business owners can share the UPI with their employees to carry out necessary transactions on behalf of the company without having to use their personal UPI IDs.

Read More: Lost Money In The World Of UPI Transaction? Here Is How You Can Get It Back

How To Set Up UPI Circle?

The process of setting up UPI Circle is short and easy:

1. Users shall have their preferred UPI app.

2. Primary user needs to scan the QR or enter the delegate's UPI ID followed by selecting their phone number from their contact list. A primary user can share UPI Circle with up to 5 delegates but the delegates can only accept one primary user’s request.

3. The UPI app will share an invitation with the delegates. As they accept it, they will be able to have access to the UPI Circle.

4. The primary account holder can then set transaction limits and keep track of all the transactions.

Read More: Making UPI Payments? Know RBI New Rule First

Conclusion

UPI Circle for Delegate Payments is a hi-tech and visionary update launched by the NPCI to enable individuals to share financial independence with their close ones. It is a tool that requires minimal effort in setting up, simplifies transactions, has flexible control, and has strong security features.

If you’ve any queries, you can contact NPCI by dialling 18001201740 or through their official website.