UPI Lite News: The limit of offline payment done through UPI-Lite Wallet (UPI Lite) has been increased. This decision has been taken keeping in mind the areas where there is no internet facility or where there is signal problem.
Reserve Bank of India: Reserve Bank of India has increased the limit of offline payment through UPI-Lite Wallet. RBI said that this decision has been taken keeping in mind the areas where there is no internet facility or where there is signal problem. Giving information on Thursday, RBI has said that from now on it has been decided to increase this limit from Rs 200 to Rs 500.
Transaction can be up to Rs 2000
RBI has told that even now only a total amount of Rs 2,000 can be transacted through UPI-Lite on any payment platform.
Payment amount increased through offline
RBI has issued a circular to increase the limit of small amount digital payment through offline, saying that the upper limit of offline payment transaction has been increased to Rs 500.
Facility started in September 2022
Offline payment facility was also started in September 2022 for mobile phone holders deprived of internet facility. For this a new unified payment platform UPI-Lite was introduced. However, only transactions up to Rs 200 could be done in this.
This payment method is becoming very popular
within a short time this payment platform has become very popular among basic mobile phone holders. At present, through this, more than one crore transactions have started happening in a month. To increase the use of UPI-Lite, in early August, the RBI proposed to facilitate offline transactions with the help of NFC technology. PIN verification is not required when transactions are done through NFC.
What is the specialty of this wallet-
>> There are less chances of fraud on doing transactions with UPI Lite.
>> Can transact up to a limit only.
>> UPI Lite makes it easy to do low cost UPI transactions.
>> You can transfer the UPI balance back to the same bank account anytime without any charges.
