What Is the New Transaction Limit on UPI Lite?

To create awareness and encourage users to adopt UPI Lite, RBI has announced that it will increase the transaction limit to Rs 500. This means that users can now make UPI Lite payments of up to Rs. 500 without having to enter your UPI PIN.

This limit was earlier set at Rs. 200. The new transaction limit for UPI Lite is a welcome move for many users.

It will make it easier and faster to make small value payments and will also reduce the number of times users have to enter their UPI PIN. This move adds to the ability to transact offline using Near Field Communication (NFC) technology through UPI Lite.

Additionally, RBI Governor Shashikanta Das announced that there will be a chat feature that will allow users to interact with a chatbot to make payments. The chatbot will ask the user a few questions to verify their identity and then process the payment.

The RBI press release says: “With an objective to leverage new technologies to enhance the digital payments experience of users, it is proposed to (i) enable “Conversational Payments” on UPI, which will allow users to engage in conversations with AI-powered systems to make payments; (ii) introduce offline payments on UPI using Near Field Communication (NFC) technology through the wallet on the ‘UPI-Lite’ device; and (iii) enhance the transaction limit for small value digital payments in offline mode from ₹200 to ₹500 within the overall limit of ₹2000 per payment instrument.”

Shashikanta Das believes that these new initiatives will provide frictionless payments and attract more and more users to rely on online payments.

The RBI governor mentions: “These initiatives will further deepen the reach and usage of digital payments in the country.”

To conclude, the increase in transaction limit for UPI Lite is a positive development for the digital payments ecosystem in India. It will make it easier for people to make small payments that will help boost the economy.

Categories: Optical Illusion
Source: ptivs2.edu.vn

Leave a Comment