There will be no need to enter UPI PIN for making payments up to Rs 500, RBI has increased the limit
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RBI Governor Shaktikanta Das said during a press conference that offline UPI payments need some changes. UPI Lite transaction limit in offline mode has been increased from Rs 200 to Rs 500. Its wallet limit is Rs 2,000 as before. After this decision, users will be able to pay up to Rs 500 even without internet.
Apart from this, RBI has talked about enabling seamless payments on UPI using AI based system. Users will soon get a chance to use AI powered system to make payments. However, its details have not been revealed yet. Apart from this, RBI has announced to make offline payments on UPI using Near Field Communication (NFC) technology through UPI Lite on-device wallet. Through this feature, users will be able to make payments through UPI even from areas where internet is not available or there is no network.
Last month, Google Pay launched the new UPI Lite service on its platform. UPI PIN will not be required for transactions through UPI Lite service on Google Pay. This work can be done in one tap. It can also be accessed in offline mode.
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