UPI Lite: Proposal to increase one time payment limit from Rs 200 to Rs 500
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The Reserve Bank of India (RBI) has proposed to increase the one-time payment limit from Rs 200 to Rs 500 through offline mode on UPI Lite to further enhance the reach and usage of digital payments. Informing about the decision taken in the three-day meeting of the Monetary Policy Committee (MPC) that began on Tuesday, RBI Governor Shaktikanta Das said that ‘UPI Lite’ will be launched in September, 2022 to increase the speed of small value transactions on UPI. was brought. To promote this, it is proposed to facilitate offline transactions using Near Field Communication (NFC) technology.
Proposal to increase the limit of sending Rs 200 to Rs 500
RBI Governor Shaktikanta Das said that it is proposed to increase the limit of sending Rs 200 to Rs 500 at a time through offline platforms including National Common Mobility Card (NCMC) and UPI Lite for small value digital payments. However, the total payment limit will still remain Rs 2,000. Its purpose is to increase the acceptability of this method of payment. Das said that this facility will not only digitally enable the retail sector, but also allow small amount transactions where internet/telecom connectivity is weak or not available. At the same time, the new payment mode ie UPI (Unified Payment System) is going to start the facility of Conversational Payments.
Feature phone based UPI platform will soon be available
According to the statement issued by RBI, through this, users will be able to communicate with Artificial Intelligence i.e. AI-powered system for transactions. This will be a completely safe and secure transaction. This option will soon be available on both smartphone and feature phone based UPI platforms. This will expand the digital sector in the country. After Hindi and English, it will also be made available in other Indian languages. According to RBI, instructions will be issued soon to the National Payments Corporation of India (NPCI) regarding all these announcements.
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