Offline mode Transaction limit: The Reserve Bank on Thursday increased the upper limit for offline payment transactions from existing Rs 200 to Rs 500 to promote the use of UPI-Lite wallets in areas where internet connectivity is weak or not available. .
Offline mode Transaction limit: The Reserve Bank of India on Thursday increased the upper limit for offline payment transactions from existing Rs 200 to Rs 500 to promote the use of UPI-Lite wallets in areas where internet connectivity is weak or not available. Is done. However, the overall limit for offline transactions on the payment instrument remains at Rs 2,000 at any point of time.
In a circular on ‘Enhancement of Transaction Limit for Small Value Digital Payments in Offline Mode’, the RBI said, ‘The upper limit of offline payment transaction has been increased to Rs 500.’
To increase the speed of small value transactions on UPI, an on-device wallet called UPI-Lite was launched in September 2022 to optimize processing resources for banks. Its purpose was to reduce transaction failures.
At the same time, now UPI-Lite is in trend and currently more than 10 million transactions per month are done through it. Earlier this month, the RBI proposed to facilitate offline transactions using Near Field Communication (NFC) technology to promote the use of UPI-Lite. Transactions through NFC do not require PIN verification.
It was told that this facility will not only enable retail digital payments but also help in faster, as well as transactions in situations where internet or telecom connectivity is weak or not available.
