Last year, the National Payments Corporation of India (NPCI) brought UPI Lite into existence for people to conduct small-value transactions quickly. This functionality, which has been adopted by Paytm and even Google Pay, has now got a new update in the form of an increase in its transaction limit. Have a look at the details.
UPI Lite New Announcement
Reserve Bank of India aka RBI’s Governor Shaktikanta Das, has announced that UPI Lite’s limit will be increased from Rs 20o to Rs 500. Up until now, people could spend up to Rs 200 only via UPI Lite for which, a bank statement isn’t provided. An increase of the limit to Rs 500 will ease the process and allow people to transact more.
For those who still aren’t aware, UPI Lite is meant for small transactions without the need for entering the UPI PIN. This works like an on-device wallet and will continue to provide you the benefits of UPI even when the regular has a load. People can still add up to Rs 2,000 in the UPI Lite Wallet. To know more about this, you can check out our in-depth article related to the same.
UPI will soon support NFC (near-field communications) to enable offline payments. This will happen with the use of UPI Lite’s on-device wallet. This will specifically prove beneficial in situations when there’s trouble with the internet or network.
There’s another change that has been announced. Conversational Payments on UPI are soon to be introduced, which will make it easier for people to use UPI and make payments with the help of AI. As the prowess of AI is quite evident with the existence of ChatGPT, Google Bard, and more, it makes sense for the Indian Government to utilize AI for the widely-used payment method.
It still remains to be seen when these UPI updates will begin rolling out to users but we can surely say that these will only add to its usability, making online transactions smoother than ever. So, what do you think about these new features of UPI? Let us know your thoughts on this in the comments below.