RBI hikes UPI Lite Wallet Limit to Rs 5,000, Transaction Limit to Rs 1,000 Business
The raised transaction limit will ensure that UPI Lite can handle a broader range of purchases that will encourage people to use digital mode transactions in place of cash or other payment methods.
RBI hikes UPI Lite Wallet Limit to Rs 5,000, Transaction Limit to Rs 1,000 Business
The Reserve Bank of India on Wednesday increased the UPI Lite wallet limit to Rs 5,000 and the per-transaction limit to Rs 1,000 to encourage wider adoption of the popular instant payment system through mobile phones.
Currently, the upper limit of an offline payment transaction is Rs 500 and the total limit for offline transactions on a payment instrument is Rs 2,000 at any point in time. UPI Lite transactions are offline to the extent that an Additional Factor of Authentication (AFA) is not required, and transaction alerts are not sent in real-time.
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This new upgrade is expected to make UPI Lite more practical for regular use, especially for those making frequent low-value payments. UPI Lite is a more viable option for a wider range of small transactions, such as grocery shopping, transportation, and other daily expenses, which may sometimes exceed Rs. 500.
The raised transaction limit will ensure that UPI Lite can handle a broader range of purchases that will encourage people to use digital mode transactions in place of cash or other payment methods.
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