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NPCI Launches UPI Circle: How to Set It Up and Key Features Explained
NPCI Launches UPI Circle: How to Set It Up and Key Features Explained
Posted: Sat Sep 07, 2024 2:53 am
by arjun
NPCI's UPI Circle: Everything You Need to Know About the New Social Payments Feature
The National Payments Corporation of India (NPCI) has launched a new product called UPI Circle, designed to enhance the social aspect of digital payments. UPI Circle allows users to create group payment networks, making it easier to manage and track shared expenses, such as those between friends, family, or colleagues. This product is set to revolutionize the way groups handle payments, from splitting bills to contributing to shared expenses like rent or travel costs.
What is UPI Circle?
UPI Circle is an innovative feature that integrates seamlessly with the existing UPI (Unified Payments Interface) system. It allows users to create groups where members can easily split bills, transfer funds, and keep track of shared financial commitments. The product is aimed at simplifying group payments, offering a more organized way to handle common expenses and track contributions.
Re: NPCI Launches UPI Circle: How to Set It Up and Key Features Explained
Posted: Sat Sep 07, 2024 2:54 am
by arjun
Key Features of UPI Circle:
Group Payments:
UPI Circle allows users to create payment groups for friends, family, or any social network. Group members can split bills, contribute to shared expenses, and make payments to each other effortlessly.
Expense Tracking:
One of the standout features of UPI Circle is its ability to track all group-related transactions. Users can view a detailed breakdown of who paid, how much was contributed, and any outstanding amounts.
Real-Time Notifications:
Every transaction within the UPI Circle group triggers real-time notifications to all members, keeping everyone informed about payments and pending contributions.
Custom Circles:
Users can create custom UPI Circles for specific purposes such as a travel fund, household expenses, or office collections. These circles can be managed easily within the UPI app.
Re: NPCI Launches UPI Circle: How to Set It Up and Key Features Explained
Posted: Sat Sep 07, 2024 2:56 am
by arjun
How to Set Up UPI Circle:
Setting up a UPI Circle is a straightforward process, and it can be done in a few steps using any UPI-enabled app. Here’s how to get started:
Step 1: Open Your UPI App
Open any UPI-enabled app (such as Google Pay, PhonePe, Paytm, etc.) that supports UPI Circle functionality.
Ensure your app is updated to the latest version to access the new UPI Circle feature.
Step 2: Create a Circle
Navigate to the UPI Circle section within your UPI app.
Tap on Create New Circle or Create Group.
Name your UPI Circle (e.g., "Friends Trip", "Roommates Expenses", etc.) and select members from your contact list to add to the circle.
Step 3: Add Members
Choose contacts from your phonebook or add members by entering their UPI ID or mobile number.
Send an invite to join the circle. Once members accept, they will be added to the group.
Step 4: Start Transacting
Once the circle is set up, any group member can initiate payments, split bills, or contribute funds.
All transactions are recorded, and real-time updates are shared with every group member.
You can also set due dates for payments, making it easier to keep track of pending contributions.
Re: NPCI Launches UPI Circle: How to Set It Up and Key Features Explained
Posted: Sat Sep 07, 2024 2:59 am
by arjun
Why UPI Circle is a Game-Changer:
Simplifies Shared Expenses:
UPI Circle is perfect for splitting bills among friends, managing travel expenses, or contributing to household needs. It eliminates the hassle of manual tracking and follow-ups for payments.
Seamless Integration with UPI:
Since it’s built on the UPI platform, users can enjoy secure, real-time payments, and transfers, with no need for additional apps or platforms.
Transparent and Convenient:
UPI Circle’s transparency ensures that everyone in the group knows exactly how much is owed and by whom, reducing the chance of confusion or missed payments.
Versatile Usage:
From managing office collections to travel groups, UPI Circle can be tailored to various situations, offering a versatile payment solution for group finances.
With the launch of UPI Circle, NPCI has taken a significant step in making group payments more efficient, transparent, and user-friendly. By offering seamless integration with the UPI system, this new feature simplifies the way people handle shared expenses and provides an intuitive solution for tracking payments within groups. Whether it’s splitting dinner bills or managing rent among roommates, UPI Circle is set to become an essential tool in the digital payment landscape.
For more information on how to use UPI Circle, check your UPI-enabled app or visit the NPCI website.