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UPI Lite Upgrade: RBI Announces These 2 New Features...

These updates are anticipated to make UPI Lite even more user-friendly and accessible, aligning with the Reserve Bank’s vision for a seamless digital payment ecosystem.

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UPI Lite Upgrade: RBI Announces These 2 New Features...

RBI has announced two new featuers for UPI Lite users REPRESENTATIVE

The Reserve Bank of India (RBI) announced two major changes that will affect UPI Lite users. The changes — an increase in transaction and wallet limits and an auto top-up feature — come into force from November 1 (Friday).

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UPI Lite's single transaction limit will increase from Rs 500 to Rs 1,000, with users now allowed to keep a balance of up to Rs 5,000 in their UPI Lite wallet, up from Rs 2,000 previously. Moreover, as a part of the new changes, the daily spending limit will be capped at Rs 4,000.

Additionally, the new auto top-up feature will facilitate users by not requiring manual recharge every time the balance runs low. When a user's UPI Lite balance falls below a set minimum, the auto top-up feature will refill the wallet from a linked bank account, allowing uninterrupted payments. While users will be able to set the recharge amount, it will be limited to five top-ups a day.

UPI Lite, a service launched by the National Payments Corporation of India (NPCI), aims to simplify small transactions by eliminating the need for a UPI PIN, thereby improving convenience for everyday purchases. To further enhance user experience, the NPCI introduced an auto top-up feature on August 27, 2024.

These updates are anticipated to make UPI Lite even more user-friendly and accessible, aligning with the Reserve Bank’s vision for a seamless digital payment ecosystem.

Also Read: Paytm Becomes First To Launch UPI LITE For Smaller Epayments

Reserve Bank of India National Payments Corporation of India UPI Lite