UPI payments, a cashless mode of payment via an application from your smartphone has changed its rules from November 1 (2024). The NPCI will make two important changes in UPI Lite from November 1 onwards, which will benefit the users of popular payment gateways- Google Pay, PhonePe and Paytm.
The users will be able to make more payments through UPI Lite than ever before. As per the reports, the RBI has increased the transaction limit of UPI Lite. Also, when the balance of UPI Lite is said to be less than a fixed limit, the user's account will be automatically auto-topped up.
By doing this, payment could be made through the UPI Lite without any hindrance. Let us know more about this service.
What is UPI Lite?
All the popular UPI payment platforms in India, like Google Pay, PhonePe and Paytm will offer the UPI Lite feature for the users. This is a digital wallet which enables making small transactions without a PIN or password. To fill money in the UPI Lite wallet, users will have to manually top-up. After the new rules come into effect from November 1, the wallets of the users will be automatically topped up.
The National Payment Corporation of India (NPCI) has launched the UPI Lite feature some time back. Users will get a limit of up to Rs 2,000 to top up in this wallet. Users could also make small payments without PIN through UPI Lite. NPCI has announced the Auto-Pay Balance feature for the UPI Lite only, and this news became official via a notification which was rolled out on 27 August 2024.
Auto-Pay Balance Service: What is it and how does it work on UPI Lite?
- To activate the Auto-Pay Balance service in UPI Lite, users will have to enable it first. They will have to set a minimum limit in the account which will be linked to the UPI Lite wallet.
- As soon as there is a minimum amount in the wallet, it will automatically be topped up from the user's account.
- NPCI has set a maximum limit of Rs 2,000 for UPI Lite.
- It is a must to mention that the users will not be able to top-up their UPI Lite wallet for more than 5 times a day.
- If the user has not opted for the auto-pay balance facility, then they will be able to top-up his UPI Lite wallet manually.
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