The month of November has started, bringing new changes to UPI Lite that make online payments even easier.
During the RBI’s Monetary Policy Committee (MPC) meeting in October 2024, several updates were announced for UPI Lite. Now, two new rules have come into effect this month.
Increased Transaction Limit
The Reserve Bank of India (RBI) has raised the transaction limit for UPI Lite. Previously, UPI Lite users could only make transactions up to Rs 500 and maintain a maximum balance of Rs 2,000 in their wallet.
Additionally, the daily spending limit for UPI Lite was Rs 4,000.
With the new rules, the transaction limit has increased by Rs 500, allowing single transactions of up to Rs 1,000.
Furthermore, the maximum wallet balance has been raised from Rs 2,000 to Rs 5,000, giving users more flexibility for small payments.
Auto-Top-Up Feature for UPI Lite
A new feature is also being introduced to simplify UPI Lite balance management. Starting November 1, if the UPI Lite wallet balance is low, users no longer need to manually add funds each time.
The National Payments Corporation of India (NPCI) has introduced an auto-top-up feature for easy recharging.
This auto-top-up option will add balance automatically when it falls below a certain amount, which the user can set. However, users can enable this feature in the UPI Lite app by October 31, 2024, to benefit from it.
The top-up can be done up to five times daily, with the user setting both the recharge amount and balance limit.
What is UPI Lite?
UPI Lite is a digital wallet service offered by popular UPI apps like Google Pay, PhonePe, and Paytm. It allows small transactions without requiring a PIN or password.
UPI Lite is designed for small, quick payments, making it a convenient tool for everyday purchases.