UPI Lite Big Update: The Reserve Bank of India (RBI) has announced an increase in the UPI Lite per transaction limit from the current Rs 500 to Rs 1,000. This means that now you can make a payment of up to Rs 1,000 without entering a PIN. Previously, the limit was Rs 500. Additionally, the RBI has also raised the UPI Lite wallet limit from Rs 2,000 to Rs 5,000. With these changes, digital payments will become even easier.
What Has Changed in UPI Rules?
The Reserve Bank of India (RBI) has announced that to promote widespread adoption of the Unified Payment Interface (UPI), the transaction limit will be increased from ₹5,000 to ₹10,000. This change aims to facilitate larger transactions. Previously, UPI Lite could only be used for payments up to Rs 500. With this update, UPI Lite enables small transactions without entering the PIN, making online payments more convenient.
UPI 123PAY Limit Also Increased
RBI has also increased the UPI 123PAY per transaction limit from Rs 5,000 to Rs 10,000. Additionally, the UPI Lite wallet limit has been raised from Rs 2,000 to Rs 5,000, and the per transaction limit has been increased from Rs 500 to Rs 1,000. The RBI Governor stated, “UPI has transformed India’s financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation.”
What is UPI Lite and What Are Its Benefits?
UPI Lite is a lighter version of the Unified Payment Interface, allowing users to make UPI transactions without entering a PIN. This feature simplifies small transactions. Previously, the limit for such transactions was Rs 500 per transaction, but the RBI has now increased this limit to Rs 1,000 per transaction.
How to Create UPI Lite: Quick Steps
- Download a UPI App: Install a UPI-supported app (Google Pay, PhonePe, etc.) from the app store.
- Set Up UPI ID: Link your bank account and set a UPI PIN in the app.
- Enable UPI Lite: Go to app settings and activate the UPI Lite feature.
- Link Bank Account: Ensure your bank supports UPI Lite and link it to the app.
- Set Transaction Limit: Choose your desired transaction limit (up to Rs 1000).
- Start Using UPI Lite: Make small transactions without entering a PIN within the set limit.