The Reserve Bank of India (RBI) has introduced significant updates to UPI Lite, aiming to make digital transactions faster and more user-friendly. These changes are set to transform how small payments are made, enhancing the ease and convenience of cashless transactions. Here’s everything you need to know:
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UPI Lite Limit Increased
In a move to boost adoption and ease of use, the RBI has increased the per transaction limit for UPI Lite from ₹500 to ₹1,000. This means users can now pay up to ₹1,000 without entering a PIN. Additionally, the wallet limit for UPI Lite has been raised from ₹2,000 to ₹5,000, allowing users to store and manage more funds for daily transactions.
UPI 123PAY Update
The RBI has also enhanced the transaction limit for UPI 123PAY, a service designed for feature phone users. The per transaction cap has been doubled from ₹5,000 to ₹10,000, making it easier for users without smartphones to carry out larger transactions.
RBI Governor Shaktikanta Das remarked on these updates, stating, “UPI continues to revolutionize India’s financial ecosystem by making digital payments more accessible and inclusive through innovative upgrades.”
What is UPI Lite?
UPI Lite is a simplified version of the Unified Payment Interface (UPI) that allows small transactions without the need to enter a PIN. Designed for quick and hassle-free payments, it’s perfect for everyday expenses like buying groceries, paying for snacks, or other low-value transactions.
The increased limits make UPI Lite even more practical, enabling users to handle more transactions seamlessly while reducing reliance on cash.
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How to Enable UPI Lite
Activating UPI Lite is straightforward. Here’s how you can get started:
Download a UPI App: Install apps like Google Pay, PhonePe, or any UPI-supported application.
Link Your Bank Account: Set up your UPI ID by linking your bank account and creating a UPI PIN.
Enable UPI Lite: Navigate to the app settings and activate the UPI Lite feature.
Set Transaction Limits: Choose a transaction limit of up to ₹1,000.
Start Using UPI Lite: Begin making small payments without the hassle of entering a PIN.
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Why These Changes Matter
With these upgrades, digital payments are set to become even more accessible and efficient. Whether you’re paying for daily essentials or using a feature phone, these updates cater to a wide range of users. The increased limits ensure that small transactions remain quick and uncomplicated, promoting a cashless economy in every corner of India.
