UPI Lite
There is great news for those making UPI payments through Google Pay, PhonePe, Paytm. NPCI will be making two major changes to UPI Lite starting November 1, 2024, which will benefit users. Starting November 1, users will be able to make more payments than before through UPI Lite. RBI has increased the UPI Lite transaction limit. At the same time, if the UPI Lite balance is less than a certain limit, the user’s account will be automatically recharged. With this, the payment can be made without any restrictions through UPI Lite.
What is UPI Lite?
All UPI payment platforms including Google Pay, PhonePe and Paytm offer UPI Lite feature. UPI Lite is a digital wallet that provides the freedom to make small transactions without PIN or password. To add money to UPI Lite wallet, users need to recharge manually. After the new rules come into effect from November 1, users’ wallets will be automatically replenished.
The National Payments Corporation of India (NPCI) launched the UPI Lite feature some time ago. Users get a limit to recharge up to Rs 2000 in this wallet. Through UPI Lite, users can make small payments without PIN. NPCI had announced the auto balance payment feature for UPI Lite by issuing a notification on August 27, 2024.
Automatic balance payment service
To activate the auto pay balance service on UPI Lite, users will have to enable it before October 31, 2024. Users will have to set a minimum limit on the account linked to the UPI Lite wallet. As soon as the minimum amount in the wallet is reached, the wallet will be automatically replenished from the user’s account. NPCI has set a maximum limit of Rs 2,000 for UPI Lite. Additionally, users will not be able to make more than 5 recharges to their UPI Lite wallet in a day. If a user has not opted for the auto pay balance feature, they will be able to recharge their UPI Lite wallet manually.
Also Read: Apple launches Chhotu Mac Mini in India, equipped with 16GB RAM and powerful AI features
