UPI Lite and UPI Lite Wallet Limits HIked : In the latest meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), many major decisions have been taken to make digital payments easier. These include increasing the maximum limit of transactions through UPI Lite and UPI 123PAY. Apart from this, it has also been decided to increase the limit of UPI Lite Wallet. With these decisions, it will become easier for people to pay small amounts through digital means.
Changes made in UPI Lite
UPI Lite is a feature that allows small transactions to be completed quickly and without a UPI PIN. At present, there was a limit of Rs 500 for each transaction through it, which has now been increased to Rs 1,000. Apart from this, the total limit of UPI Lite wallet has also been increased from Rs 2,000 to Rs 5,000.
Auto-Top Up Facility: Now the facility of auto-top up has also been started in UPI Lite, where it can be recharged automatically as soon as the wallet balance decreases. Users can set its minimum limit as per their convenience and whenever the balance is less than that limit, the wallet will be auto-topped up.
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Changes made in UPI 123PAY
UPI 123PAY is a feature designed for feature phone users, allowing them to conduct UPI transactions without a smartphone or internet connection. Now the limit of one transaction through UPI 123PAY has been increased from Rs 5,000 to Rs 10,000. This will make digital transactions more convenient for feature phone users.
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How does UPI Lite work?
The purpose of UPI Lite is to complete small transactions quickly and successfully. Under this facility, users have to add money to their UPI Lite wallet, which can be accessed on UPI apps like Google Pay, PhonePe, BHIM. After the latest decision, they can now add a maximum of Rs 5,000 to their UPI Lite wallet, through which transactions up to Rs 1,000 can be done without UPI PIN.
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How UPI 123PAY works
UPI 123PAY is for those users who use feature phones and do not have internet access. Under this system, users can dial *99#, select their bank, enter debit card details and set the UPI PIN. This makes digital payments accessible to everyone and is a must-have for feature phone users. UPI 123PAY is now available in 12 languages of the country, so that people even in rural and remote areas will be able to avail this facility.
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What did the RBI Governor say about this
The RBI Governor said in his statement, “UPI has transformed India’s financial landscape, making digital payments accessible and inclusive for all. The main objective of these changes is to make UPI accessible to more people and make it more widely available.” To encourage adoption of the form.” With this step, digital payments in India will be made even easier and safer. This step is especially important for people in rural areas and people with limited digital access.
