New Delhi, Sept. 15 -- India's UPI system has enabled high-value transactions, allowing users to pay up to Rs.10 lakh a day for investments, insurance, travel, credit cards, and jewellery, starting today. It is simultaneously scrapping the P2P "collect request" feature from October to prevent fraud.

The move, announced by the National Payments Corp. of India (NPCI), aims to make high-value Person-to-Merchant (P2M) payments faster and reduce reliance on slower channels like cheques.

For capital markets and insurance, the per transaction limit has doubled to Rs.5 lakh from Rs.2 lakh, with a daily cap raised to Rs.10 lakh. These same limits now apply to government e-marketplace transactions, travel bookings, loan repayments, and EMIs.

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