Google Pay, PhonePe, and other UPI-based applications have been subjected to a 30% transactional volume cap. This simply translates to the end-users of UPI applications to get some constraints on their PhonePe transfer limit and PhonePe transaction limit along with limitations on other UPI apps. However, PhonePe themselves have not announced any information about their revised PhonePe limit yet or details about the PhonePe Maximum transfer. The official website of the UPI portal has carefully listed down all the details about the transaction limits on their portal. Check out all the details about the PhonePe transactional limits and more below:
You can transfer funds from Your PhonePe KYC Wallet to any Bank account of a pre-registered beneficiary. In case of such pre-registered beneficiaries, the funds transfer limit shall not exceed Rs.1,00,000/- per month per beneficiary.
You will be able to load money in PhonePe KYC Wallet within the regulatory permissible limits or any limits applied on the basis our internal risk policies. The available balance in Your PhonePe KYC Wallet shall however not exceed INR 100,000/- (Rupees One Lakh) at any given point of time. Money can be topped-up through BHIM UPI, or a debit/credit card, or from refunds that might arise due to cancellations and returns of your transactions on PhonePe application or on Merchant Platforms.
Loading limits shall apply to Your PhonePe Wallet, with a Monthly limit of Rs, 10,000/- and an annual limit (Financial Year) of Rs. 1,20,000/-. Further, Your PhonePe Wallet balance shall be limited to Rs. 10,000/- at any point in time and You may not be allowed to add funds in case Your PhonePe limits are triggered except in case of refunds on cancelled transactions, wherein the balance may be higher than the limit of Rs. 10,000/-.
While You can use Your PhonePe Wallet for purchase of goods and services on merchants that accept PhonePe Wallet with a debit limit of Rs. 10,000/- per month, You cannot transfer Your PhonePe Wallet balance to any other PhonePe Wallet user not can withdraw the funds to a bank account or a credit card, except for any specific conditions specified by the regulator.
In October 2020 itself, UPI had announced that it recorded 2,071.62 million transactions out of which 1,655 million transactions were done on either GPay or PhonePe. Whereas, Amazon Pay and PayTM hold another significant market value in UPI. In a few months, it is expected that PhonePe and other portals will be capping the limit of transactions people can do on their portal.