In India, the process of exchanging money through the internet has become widespread. Distinctive features and user interfaces have been added to digital wallets in recent years. Google pay is not far behind in the race.
Tez was introduced by Google to enter the world of e-wallets and manage all the transactions in India. With the ever-increasing UPI payments business in India, google later relaunched the Tez app as Google Pay. Google Pay was introduced with a plethora of outstanding features, and its growth ambitions are expected to completely revolutionize the Indian payments sector. Read ahead to find out more on google pay limit per day and how to go beyond that.
What Is Google pay?
Google Pay is the company’s electronic wallet and payment platform. It allows customers to pay for purchases in stores and on compatible websites, smartphone applications, and Google services, such as the Google Play Store, using their Android smartphones.
Users attach credit or debit cards to their Google Pay accounts, which are then used to make purchases in stores or online. Google Pay interacts with payment terminals via near-field communication (NFC) on Android handsets. Users may use Google Pay on websites that offer the service when they are signed in to their Gmail account in the Chrome browser.
How Does Google Pay Work?
Google Pay allows you to send and receive payments, but what makes it stand out from other mobile wallets is that it permits you to receive transactions directly into your bank account. Thus, there are no worries about getting payments in wallets and then shifting them to your bank.
You should also know that you don’t have to use the Google Pay app to receive payments. Even though the online site, Google Pay allows its customers to continue transactions.
Though Google pay’s principal goal is to assist in easy money transfers, it also enables users to do trading with businesses that allow UPI-based transfer of money.
The user has to complete the below-mentioned actions:
- Link your local bank account to Google Pay.
- Choose a UPI pin.
Google Pay Limit Per Day
The google pay limit per day is one lakh Indian rupees (₹1,00,000). After 24 hours, however, you are permitted to transfer additional payments.
Google Pay enables you to receive a limit of Rs. 2000 per day via your VPA in UPI to prevent corruption.
Furthermore, with Google Pay or any other UPI service, you may only transmit money a maximum of 10 times.
To confirm that the installation is successful, you may need to deposit ₹1 to Google Pay after installing the app. The ₹1 will, however, be reimbursed to your account. The first transaction limit for Google Pay is likewise $1,000,000.
Every day, businesses need to accept hundreds of UPI payments. This is where the UPI payment gateway integration steps in.
It’s worth noting that the highest amount you may transmit across all UPI applications is 1 lakh INR. As a result, the amount of Google Pay transactions you may do in a day is determined by the number of UPI transactions you’ve completed.
How To Go Beyond Google Pay Transaction Limit?
The google pay limit per day is now a potential stumbling block for businesses. As a trader, you should be able to take payments in large sums and several times each day.
The Payment gateway transaction limitation does not extend to peer-to-merchant transactions, which is good. A consumer can pay a company as much money as they want. Furthermore, there is no limit to the number of transactions that can be performed.
You can accept and distribute UPI payments with ease using any payment gateway. As it has become a favored means of payment, UPI payments for businesses have increased dramatically. In actuality, India reported 2.3 billion UPI payments in February 2021 alone. Google Pay had a 36 percent share of these transactions.
Simply put, businesses stand to earn a lot by allowing consumers to pay using UPI. Due to its simplicity of usage, it will reduce cart abandonment rates and boost consumer engagement.
Is Google Pay Safe To Use?
Yes, technically. Google Pay doesn’t show your real card data when you pay at some merchant’s place, according to Google. But, the retailer is given an exclusive encrypted number. To achieve gold standard security tokenization, Google joined forces with the finest payment providers and financial institutions. Rather than your account number, the store receives a 16-digit number with tokenization.
However, if you lose your phone somehow, Google suggests utilizing Find My Device to find or pull it down, keeping your private data safe, away from fraudsters. To verify purchases, Google Pay does accept a PIN code, password, or pattern.
Google Pay is attempting to revolutionize the Indian payments business. If consumers do not utilize the app, they will lose out on a plethora of services and simple money transfer operations. If you’re unsure about mobile banking, look into what makes it secure. But don’t miss out on the fast, hassle-free payments that Google pay offers.