New Delhi – People who do not have their own bank account will soon be able to make money transactions through UPI apps including Google Pay. For this, the National Payments Corporation of India (NPCI) introduced a new service called ‘UPI Circle’ at the Global FinTech Fest yesterday. It is a system that allows one person to use the fixed amount in his account and another person to use it through UPI. We can also determine how much someone else can use.

Children will be able to use their parents’ bank accounts to make payments through the UPI app on their own phones. Soon the UPI Circle service will be available on various UPI apps.

how

For example, a father can link his son, who does not have his own bank account, to his UPI circle. Even if it is the father’s bank account, the son can make money transactions from his own phone. There will be 2 methods ‘Full Delegation’ and ‘Partial Delegation’. If it is partial, the father must approve every transaction made by the son. For example, if the son goes to the shop and tries to pay Rs 200 through UPI, the father will receive a payment request on his own phone. Only if he types the PIN, the transaction will be done.

In case of full delegation, no need to accept each time. Instead, you can predetermine the maximum amount you can spend in a month. Father will also get the information about the transactions. Initially limit can be set up to Rs 15,000 per month. 5,000 per transaction and a maximum of Rs. In addition to relatives, anyone including friends and colleagues can be connected to one’s ‘UPI Circle’. 5 people can be added at a time.

Accounts should be linked through the upcoming UPI circle option in UPI apps.