PhonePe launches “UPI circle” for shared payments:

PhonePe has now rolled out UPI circle, a latest feature on its platform that allows users to create a “circle” meaning they can do payments on behalf of family, friends, or trusted contacts. This will enable family dependents to create their own digital payments profile without having linked to a bank account, thus facilitating banking service to “unbanked” people. The primary user can allow a secondary user to make payments using his/her UPI account by delegating authentication rights.

The UPI circle permits primary users to set a daily limit transaction to as much as ?15,000 with a maximum of ?5,000 per payment. Up to five individuals can also be allowed to make payments under the primary user’s control. The primary user will be able to see requests for payments and track spending, everything can be over-viewed in terms of spending and access rights. Secondary users are added to a circle by using a UPI ID or a QR code anywhere, which allows payments to be done from any place.

UPI circle is an important move in terms of extending the ease and convenience of digital payments for people who are underbanked and those new to the ecosystem. It could be a parent giving costs to his or her college going children, authorizing payments on behalf of old parents who don’t really do digital transactions or busy people who want to delegate household chores. 

This function must be operated by a primary user who will authorize it with the PhonePe app, invite secondary users, and approve their payments. Upon receiving an invitation, secondary users may accept and begin to make payments on behalf of the primary users.

1. Open PhonePe app and get to the home screen. Locate and enable UPI circle.

2. Click on “invite secondary contact” to include secondary users, users could either enter the UPI ID of the contact manually or scan QR code.

3. Secondary users receive the invitation and need to accept it to join the UPI circle.

4. After being added successfully, a secondary user can select the primary user’s account as the payment option and initiate a transaction on his/her behalf.

The new features aim to facilitate digital transactions for individuals who are unfamiliar with these transactions and have no access to traditional banking services.

The aim is to provide easy digital payments for the underbanked people and new users offering flexibility and security. The app supports various scenarios, such as parents managing expenses for college-going children or authorizing payments for their aged parents.

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