The RBI has increased the maximum amount that can be paid offline using UPI-Lite Wallet. According to the RBI, this decision was made with the places without internet access or with signal issues in mind. The limit will now be raised from Rs 200 to Rs 500, according to information provided by the RBI on Thursday.
The transaction limit is Rs 2000.
Only a total of Rs 2,000 can now be sent through UPI-Lite on any payment platform, according to the RBI. Payment Amount Increased Through Offline. The RBI has released a circular to raise the cap on modest digital payments made through offline channels. Stating that the maximum amount that can be paid offline has been increased to Rs 500.
Beginning in September 2022
In September 2022, an offline payment option was launched for mobile phone owners without access to the internet. A new unified payment platform called UPI-Lite was launched for this purpose. However, this was limited to transactions of up to Rs 200.
Within a short period of time,
This payment mechanism has become extremely popular among owners of basic mobile phones. Currently, this has led to more than one crore transactions taking place per month. Early in August, the RBI advocated using NFC technology to make offline transactions easier in order to boost UPI-Lite usage. When a transaction is made via NFC, PIN verification is not necessary.
What makes this wallet unique
- is that transactions made using UPI Lite are less likely to be fraudulent
- and can only be made up to a certain amount.
- Low-cost UPI transactions are simple to complete with UPI Lite.
- Anytime, free of charge, you can transfer the UPI balance back to the same bank account.
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