New UPI rules 2024: If you want to make UPI payments without a password, you can use UPI Lite. Previously, the transaction limit was set at ₹500. However, the Reserve Bank of India (RBI) has now increased the limit for offline digital payments made through UPI Lite. Let’s learn more about UPI Lite and the new rules introduced.
What is UPI Lite
UPI Lite is a simplified version of the Unified Payments Interface (UPI) designed for small-value transactions. It allows users to make instant payments of up to Rs 1000 per transaction (earlier the limit was Rs 500) without the need for a PIN. It also works in offline mode to make payments, faster and enhance convenience.
Make Payments Without a PIN
The biggest advantage of UPI Lite is the ability to make small transactions without entering a password. Payments are processed directly from the UPI Wallet, reducing unnecessary small transactions in your bank account. UPI Lite simplifies tasks like filling petrol, buying groceries, and everyday online payments.
RBI raises UPI lite wallet limit to ₹5,000 & per transaction limit to 1000@dmuthuk @BrianFeroldi#RBI #UPI #upiwallet #transaction #incometax #digitaltransformation pic.twitter.com/URn3l5BE1s
— Passionate Stock Investor (@Value_of_Growth) December 6, 2024
How to Use UPI Lite
- Activate UPI Lite: Open apps like Paytm, PhonePe, or GPay.
- Select UPI Lite: Go to the UPI Lite option and complete the required information and verification process.
- Add Money: Load your UPI Lite wallet with up to ₹5,000.
- Make Payments: Simply scan the QR code and approve the payment directly