Understanding Transaction Limits on PhonePe

PhonePe, a leading mobile payments platform, operates under various transaction limits to ensure secure and regulated financial transactions. These limits can vary based on factors such as user verification status, regulations, and bank accounts linked to the platform. This article provides an overview of these transaction limits and how to ensure you are aware of the most up-to-date information.

Daily Transaction Limit

The maximum amount you can transact in a single day using PhonePe depends on your UPI payments. Currently, users can typically transact up to 1 lakh (100,000 INR) per day, as reported in August 2023. This limit is subject to change and may vary based on updates to the app or regulatory changes. It's advisable to check the official PhonePe app or their website for the latest information.

Per Transaction Limit

For a single UPI transaction, the maximum limit is usually capped at 25,000 INR. This ensures that each individual transaction is manageable while still allowing for convenient and quick payments.

Monthly Limit

There is an overall monthly limit for UPI transactions set by PhonePe. Typically, this limit is around 2 lakhs (200,000 INR). Users with higher transactional activity may notice slight variations in these limits based on their account status and verification levels.

Bank and Wallet Account Differences

PhonePe supports both bank accounts and wallet accounts, and transaction limits can vary accordingly. For example:

Miscellaneous transactions: Users can transfer up to 100,000 INR per transaction and up to 500,000 INR in a single day for bank accounts, and up to 10,000 INR for wallet accounts. Monthly maximum for bank accounts: The limit is 2,000,000 INR. Monthly maximum for wallet accounts: The limit is 20,000 INR.

However, these figures are subject to change and may vary based on user-specific conditions and regulatory requirements.

Merchant Account vs. Person-to-Person Transactions

The transaction limits can differ between merchant account transactions and person-to-person (P2P) transactions:

Merchant Account: No transaction limits exist for merchant accounts, meaning you can conduct as many transactions as you need with no daily or per transaction cap. Person-to-Person Transactions: The maximum number of transactions is 10 per day with a maximum cap of 1 lakh (100,000 INR) per day. While the transaction count is unlimited for UPI mode, the amount per transaction is still capped at 1 lakh.

These differences highlight the importance of understanding the specific transaction limits for different scenarios.

Conclusion

For the most accurate and current information on PhonePe transaction limits, it is always best to check the official PhonePe app or their website. Regular updates and changes in regulations may affect transaction limits, so keeping track of the latest information is crucial for both security and convenience.