Axis Bank has introduced an innovative UPI Limit Management feature, allowing its customers to set personalized transaction limits across various categories of Unified Payments Interface (UPI) payments. This industry-first initiative is designed to give users enhanced control over their digital spending and bolster protection against unauthorized or accidental high-value transactions.
Tailored Limits for Three Payment Categories
The new feature empowers Axis Bank customers to define specific transaction thresholds for three distinct UPI payment types:
- Person-to-Person (P2P): These limits apply to transfers made directly to other individuals, such as sending money to family or friends.
- Domestic Merchant: This category covers UPI payments executed within India, including transactions at physical stores, restaurants, and online businesses.
- International Merchant: Customers can set limits for UPI payments made to eligible merchants located outside of India.
This granular control means users are no longer bound by a single, overarching UPI transaction limit. Instead, they can align limits with their individual spending patterns and comfort levels, for instance, allowing a higher threshold for routine merchant payments while maintaining a lower one for P2P transfers.
How to Configure Your UPI Limits
Accessing and modifying these new limits is straightforward for Axis Bank customers through the Axis Mobile Banking App. Users can navigate to the feature via the following pathway:
Quick Links → Safety Centre → UPI Module → Control Centre
Within the Control Centre, customers can view their current UPI limits and adjust them as needed. Any changes to these limits require secure authentication, involving both MPIN and One-Time Password (OTP) verification. Axis Bank ensures customers receive real-time confirmations of these changes through in-app notifications and SMS alerts, enhancing transparency and security.
Universal Application Across UPI Apps
A key advantage of this new system is its universal application. Limits configured through the Axis Mobile Banking App will automatically apply across all UPI applications linked to that customer's Axis Bank account. This eliminates the need for users to manage payment limits individually across different UPI platforms, providing a single, convenient control point for their entire UPI ecosystem.
Enhancing Digital Payment Security
This initiative forms a core part of Axis Bank's broader 'Safe Banking' proposition, which aims to integrate customer-controlled safeguards with the inherent convenience of digital payments. By offering personalized limits, the bank provides an additional layer of security, significantly reducing the potential financial exposure in cases of unauthorized access or inadvertent high-value transactions. While currently available to a limited user base, Axis Bank plans a rapid rollout to its entire customer base soon.