Axis Bank now lets you set personal UPI transaction limits
What's the story
Axis Bank has launched a new feature, called UPI Limit Management, that lets customers set their own transaction limits for different categories of Unified Payments Interface (UPI) transactions. The feature is accessible through the Axis Mobile Banking app and offers an additional layer of control over how much one can transact. With this update, users can define personalized thresholds based on their payment needs.
Feature details
Set individual limits for various transaction types
The UPI Limit Management feature allows customers to set individual limits for person-to-person (P2P), domestic merchant, and international merchant transactions.
This capability is not just limited to the Axis app but extends across all UPI apps linked to the customer's Axis Bank account.
The bank has not revealed specific rupee limits that customers can set with this new facility.
Customer control
Enhanced control for customers
The new feature from Axis Bank adds a customer-level control on top of existing UPI limits.
This means that instead of just working within the maximum transaction limit set by the bank or UPI framework, an eligible customer can set a lower limit for their own account.
For example, if a customer doesn't usually make high-value P2P payments, they could set a lower P2P threshold to limit the amount that can be transferred if an unauthorized or accidental transaction is attempted.
User guide
How to access UPI limit management?
Customers can access or change their UPI limits by going to Quick Links - Safety Centre - UPI Module under Control Centre in the Axis Mobile Banking app.
Any changes made will require MPIN and OTP authentication for security purposes.
This way, customers have an additional layer of control over their transaction limits and can adjust them as per their requirements.
Travel declaration
International Travel Declaration facility
Along with the UPI limit management feature, Axis Bank has also launched an International Travel Declaration facility for eligible credit-card customers.
This feature lets customers notify the bank about their overseas travel plans before leaving.
The information will be used as part of fraud and risk assessment while processing international card transactions, helping differentiate genuine overseas spending from unusual transactions.