RBI Increases Transaction Limits For UPI123Pay, UPI Lite

09 Oct 2024, 06:29 by Bhupendra Paintola · Inc42

SUMMARY

The RBI said that the per transaction limit of UPI123 Pay will be increased to INR 10,000 from INR 5,000 currently
The transaction cap for UPI Lite will be enhanced to INR 1,000 from INR 500, while UPI Lite wallet limit will be increased to INR 5,000 from INR 2,000
Introduced in 2022, UPI123Pay is designed for feature phone users. It allows them to access UPI services without an internet connection in 12 languages

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The Reserve Bank of India (RBI) has decided to increase the transaction limit for UPI123Pay and UPI Lite to further increase UPI adoption.

Following the meeting of the RBI’s Monetary Policy Committee (MPC), the central bank said that the per transaction limit of UPI123 Pay will be increased to INR 10,000 from INR 5,000 currently.

Besides, the transaction cap for UPI Lite will be enhanced to INR 1,000 from INR 500 currently. To further increase its use, the central bank has also decided to increase the UPI Lite wallet limit to INR 5,000 from INR 2,000 currently.

The RBI said that the National Payments Corporation of India (NPCI) will issue the necessary instructions shortly to facilitate these changes.

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Similarly, UPI Lite was launched for small-value transactions, enabling users to make quick payments without needing a full internet connection.

This is the second revision in the transaction limit for UPI Lite over the last year or so. In August last year, the RBI increased the per transaction limit for UPI Lite to INR 500 from INR 200.

(The story will be updated soon.)

RBI Increases Transaction Limits For UPI123Pay, UPI Lite

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