UPI Lite will now be able to do offline transactions up to Rs 500, RBI approved, know details
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RBI on UPI Lite: reserve Bank of India (RBI) on Thursday increased the maximum amount for offline payments through UPI-Lite wallets to Rs 500 from Rs 200 in internet-deprived or weak signal areas. However, a total amount of Rs 2,000 can still be transacted through UPI-Lite on any payment platform. While issuing a circular to increase the limit of small amount digital payment through offline medium, RBI said that the upper limit of offline payment transaction has been increased to Rs 500.
Offline payment facility was also started in September 2022 for mobile phone holders deprived of internet facility. For this a new unified payment platform UPI-Lite was introduced. However, only transactions up to Rs 200 could be done in this. Within no time this payment platform became very popular among the basic mobile phone holders. At present, through this, more than one crore transactions have started happening in a month. To increase the use of UPI-Lite, in early August, the RBI proposed to facilitate offline transactions with the help of NFC technology. PIN verification is not required when transactions are done through NFC.
What is UPI Lite
UPI Lite is an easy and simple way that is used to facilitate various digital financial services and transactions to Indian citizens. The Payments Corporation of India (National Payments Corporation of India, NPCI) with the objective of providing better digital payments and financial assistance. Using UPI Lite, users can do digital transactions from their bank accounts without any special application, which makes their financial assistance and transaction process simple and convenient. Through this, payment can be done easily by scanning the QR code.
Why is UPI Lite special?
UPI Lite makes digital payments extremely simple. It allows users to send and receive money directly from their bank account without any application or extra process. UPI Lite can also work with only small data packets or inaccessible internet connections, which means users are allowed to make digital payments even without their mobile data. Users do not need any application to use it. They can visit their bank’s website and do their financial transactions there through UPI Lite. It helps merchants to facilitate digital payments with their customers, as well as payment of various bills is also possible.
How to make secure payment through UPI
To make payments through Unified Payments Interface, you need a UPI-enabled bank account, which you have linked with your bank. If you haven’t linked UPI to your bank account yet, you will first need to visit your bank branch for appropriate instructions.
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Download and install the UPI app: First of all, download and install a UPI-enabled application on your smartphone, such as Google Pay, PhonePe, Paytm, etc.
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Add Account: Open the application and link your bank account with the UPI-enabled application by filling in the required details. You will need to provide bank name, account number, IFSC code, and other details.
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Create UPI ID for Payment: Create a UPI ID linked to your bank account by going to the UPI-enabled application. This is your unique identifier for UPI payments.
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Select payment option: Your UPI-enabled application has various payment options, such as the option to make purchases, pay bills, or send money to other users.
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Make Payment: Enter the required information to make the payment, such as the payee’s UPI ID, the amount to be paid, and your UPI PIN (which you set with the UPI-enabled application associated with the bank).
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Enter UPI PIN: To complete the payment, you will need to enter your UPI PIN, which will keep your payment secure.
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confirm payment: After successful completion of payment, you will get payment confirmation and your payment is complete.
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