Sometimes when you transfer money through Google Pay, an error message comes. “You have exceeded the maximum transaction limit set by your bank”. It is very disappointing as till now you would have been using UPI Payment flawlessly.
Moreover, sometimes one cannot understand the limit of Google Pay. There is confusion about when its limit starts and ends. What does per day limit mean? And what about the limit of Rs 5000? There are many such confusions. So today we will learn the limits of Google Pay so that we never face any problem in future.
Limit for sending money to friends and relatives (Peer to Peer Limit)
Often we all send money to our friends or relatives. When we send money to any of our friends or relatives, it is called P2P i.e. Peer to Peer or Person to Person transaction. The limit is different for such transactions.
There is a limit of Rs 1 lakh per day for ‘Person to Person’ money transfer in Google Pay. This limit has been set by NPCI. And most banks follow this.
Apart from this, you can pay maximum 10 times in day. Note this limit is only for the P2P tranactions.
It is also important to understand that the total limit for sending money in 10 transactions will remain only Rs 1 lakh. Suppose you have sent Rs 1 lakh in the first 5 transactions, then you will not be able to do any more transactions.
What is the meaning of one day limit in Google Pay?
I have told you that the limit for UPi transaction is ₹1 lakh per day through the Google Pay. But there is a confusion on the ‘Per Day’.
What is thi per day? Whether it is 24 hours or 12 hours? When does the day start, 12 o’clock at night or in the morning?
So in the case of UPI per day means last 24 hours. When you try to make a payment all the payments of the last 24 hours are checked.
If the total previous payments last 24 hours along with your current payment does not exceed ₹1 lakh, you would be able to make the payment. Otherwise, the payment would be declined.
Suppose you sent 70 thousand rupees at 12 noon on 23rd October, then till 12 noon on 24th October you can make payment of only 30 thousand rupees, no more money can be sent than that. If you want to send more money than that you will have to wait till 12 noon.
How much money can be transferred to merchant (Peer to Merchant Limit)
Friends, we buy some small items several times a day and make payments to the shopkeeper. Such transactions are called peer to merchant transactions. Such payments are done for products or services.
As there can be numerous such P2M payments in a day, NPCI has waived the limit of number of transactions. There is no limit on number or P2M UPI Transactions. You can send money to the merchant as many times a day as you wish as per your convenience.
However, in such a situation the possibility of fraud increases. So to mitigate that possibility, NPCI has imposed a limit on the amount .You can pay only a maximum of Rs 2 lakh to the merchants in 24 hours through P2M transaction.
Apart from this, you can also pay electricity and water bills through Google Pay. There is no limit on daily transactions in bill payments.
But a limit has been imposed on the amount of the bill. The bill amount should be Rs 2 lakh or less. You cannot pay bills of more than Rs 2 lakh through Google Pay.
Limit for investing money in IPO and bonds
There is a higher limit for investment in IPO and government bonds through the Google Pay. You can pay upto ₹5 lakh through the UPI for the IPO subscriptions and Governemnt bond payments in a day. Earlier this limit was only Rs 2 lakh.
Note, the higher limit for government bond applies only when you invest through the RBI Retail Direct Scheme . This scheme has been started to invest in Government of India bonds for the small investors.
When does Google Pay impose a limit of ₹5000?
Friends, sometimes we have to send money through Google Pay and we are not able to send more than Rs 5000. In such a situation, we get worried as to why this happens.
Actually, in some special situations, NPCI has reduced the transaction limit to only Rs 5000. Meaning you can transfer only Rs 5,000 within 24 hours. Let us see what these circumstances are.
- If you have installed or uninstalled Google Pay app.
- if you Create a new Google Pay account Are.
- If you have your Set or reset UPI PIN Have done.
- If you have changed your mobile number.
- If you have changed your mobile and use the app in the new mobile.
How much money can you receive?
Friends, till now there was no limit on receiving money from Google Pay. But NPCI has recently issued a circular and imposed a limit on receiving money through UPI.
Now you recieve maximum ₹4 lakh in day through the UPI. Also maximum number of payments would be 25 in a day.
This limit will be applicable only on P2P transactions i.e. a person will be able to receive only Rs 4 lakh from a friend, relative or any other person.
If you are a merchant then there will be no limit on receiving money, you will be able to receive as much money as you want. There is also no maximum limit of 25 transactions for the merchant.
USSD Payment Limit
You can also paay through the UPI without the internet. This payment system is called the USSD payment. This upi payment also works in the feature phone.
But, the limit of USSD Payment is only ₹5000 per transaction. However, overall limit is ₹1/day.
Google Pay credit card payment limit
You can send only up to Rs 1 lakh in 24 hours through credit card through Google Pay. However, some special merchant credit codes (MCC) have a payment limit of Rs 2 lakh. Apart from this, it also depends on what is the payment limit of your credit card. Suppose the payment limit of your credit card is Rs 50 thousand, then you will be able to send only Rs 50 thousand.
Friends, this was the information about Google Pay transaction limit. Stay connected with us for other similar information related to finance. To know the answers to any question related to finance, please let us know by commenting.