Increased UPI Lite Limit and Additional Changes Announced by RBI

Increased UPI Lite Limit and Additional Changes Announced by RBI

What is UPI Lite?

UPI Lite was introduced in 2018 to address the challenges faced by users who did not have access to smartphones or the internet. With UPI Lite, users can do a transaction with a basic mobile phone that supports SMS or voice calls. It is a dial-based service that enables users to send and receive money by dialing *99# from their registered mobile number.

UPI Lite New Announcement

Only UPI Lite allows users to spend up to Rs 200 without receiving a bank statement. The process will be simplified and more people will be able to transact if the limit is raised to Rs 500.

For those who are not aware, UPI Lite is meant for small transactions without the need for entering the UPI PIN. This works like an on-device wallet and will continue to provide you the benefits of UPI even when the regular has a load. People can still add up to Rs 2,000 in the UPI Lite Wallet.

To assist offline payments, NFC (near-field communications) will soon be supported by UPI. The on-device wallet for UPI Lite will be used for this.

Another modification has been made public. The upcoming introduction of Conversational Payments on UPI will make it simpler for individuals to use UPI and make payments using AI. With the likes of ChatGPT, Google Bard, and others demonstrating the power of AI, it makes sense for the Indian government to apply AI to the widely-used payment mechanism.

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