UPI Circle: UPI (Unified Payments Interface) has emerged as India’s most trusted and popular form of digital payment. Since its inception in 2016, various new features have been implemented, including UPI Circle, which is a very intriguing function. People can use this function to make payments to others directly from their bank accounts.
A circle can be created in UPI Circle by the primary user, who also has a bank and UPI account. They can include friends, family, and trusted individuals in this circle. Individuals will subsequently be able to make UPI payments directly from their accounts. This implies that if your parents or children need to make a payment in a store, they can do so directly from your account, without having to enter separate bank information.
This service is currently available on major platforms including Paytm, Google Pay, and PhonePe. This capability was previously only available on the BHIM app, however it is now interoperable. This means that both primary and secondary users can use this feature in many apps.
Who benefits the most?
- Elderly parents: There is no need to learn UPI; simply scan the QR code.
- Young children: Pocket money will be kept under control, and overspending will be avoided.
- Domestic help/driver: Your weekly expenses will decrease.
- Freelancers/students: No bank account is required to make digital payments.
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This function enhances trust and convenience among families and friends. Elderly and toddlers frequently trouble with digital payments. Adding them to a Circle enables them to simply make payments and achieve financial independence. The principal user is also confident that their loved ones are using their account securely.
Experts predict that UPI Circle will make digital payments more family-friendly and user-centric.
Experts predict that UPI Circle will make digital payments more family-friendly and user-centric. However, this also entails increasing responsibility. To avoid unauthorized transactions or fraud, the primary user should only add trustworthy individuals to their Circle.
