UPI, or Unified Payment Interface, has taken Indians by storm. According to data from National Payments Corporation of India (NPCI), in September 2024, as many as 15.04 billion transactions were conducted through UPI, the total value of which was Rs 20.64 trillion. This also recorded a 42% jump from the 10.55 billion transactions in September last year. As a result, millions of Google Pay, PhonePe and Paytm users will benefit.
Come Friday, November 1 and the convenience factor that has led to the surge of adoption of UPI is going to increase even more with two new features being rolled out for the users. One of the changes involves beefing up the top-up of UPI Lite that will be deployed once an user has spent the Rs 1,000 transaction limit.
New facility for UPI Lite
The net effect of one of the changes in UPI Lite is that it will enhance the transaction limit of UPI Lite by several times. This follows the decision by India’s banking regulator, the Reserve Bank of India (RBI), to expand the transaction limit of UPI Lite. This is actually an auto top-up feature that will be put into effect if the UPI Lite balance goes below a certain limit. With this feature one will no longer need to manually top up the amount This will make UPI payments more seamless and faster.
When will the new UPI Lite feature be available
The auto top-up facility will come into play from November 1, 2024. As per the current practice, the user has to top up the amount manually. This means the user has to transfer money from his/her bank account to the wallet to spend it. This manual operation will no longer be required from the first day of November.
UPI Lite daily spending limit
The UPI Lite facility allows every user to transact up to Rs 500. RBI has said that the transaction limit will be raised to Rs 1,000. The spending limit of UPI Lite wallet every day is capped at Rs 4,000.
Come November 1 and a couple of new features will be added to UPI Lite version, one of which is keeping a balance that will beef up your transaction limit once you spend Rs 1,000. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
