Twinkle Jain Explains UPI Circle: A Must-Know New Feature

Have you heard about the new UPI Circle feature but aren't quite sure what it entails? Finance influencer and Chartered Accountant Twinkle Jain breaks down everything you need to know. UPI Circle is a game-changing feature that allows someone else to make payments from your UPI account with your authorization. It offers flexibility in various scenarios, making it a valuable tool for modern-day financial management. So, how does it work, and why should you care?

What Is UPI Circle?

UPI Circle allows the primary user, the owner of the UPI account, to authorize a secondary user to carry out transactions on their behalf. What makes this feature even more convenient is that the secondary user doesn't need to have their own bank account. This functionality can streamline payments in everyday situations, whether for personal or business use.

Primary and Secondary Users Explained:

• Primary User: The account holder who grants permission for transactions.
• Secondary User: The person authorized to make payments on behalf of the primary user.

This feature opens up multiple possibilities, allowing financial management to be delegated securely and conveniently.

1. Parents Supporting College Students

With UPI Circle, parents can give their college-going children a hassle-free, cashless way to manage their expenses. It provides an efficient way to monitor spending while ensuring kids have access to funds when they need them.

2. Supporting Senior Citizens with Payments

For senior citizens unfamiliar with digital payments, UPI Circle offers a way to delegate transactions. Family members can manage payments on their behalf, making everyday transactions smoother without compromising security.

3. Simplifying Household Management

Busy individuals can benefit from UPI Circle by authorizing household staff to handle shopping or other tasks. This feature allows you to delegate spending responsibilities while setting a spending limit, keeping everything under control.

4. Streamlining Business Expenses

Business owners no longer need to keep petty cash on hand. With UPI Circle, staff can be authorized to make small business transactions, reducing the need for cash while maintaining oversight on expenses.

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Twinkle Jain's explanation of UPI Circle highlights its practicality and usefulness in various scenarios, from personal to business use. Whether you're a parent, caregiver, or business owner, this feature can save you time while providing secure control over transactions.