Delhi, December 5, 2024 (Navroze Bureau) – The Reserve Bank of India (RBI) has increased the per transaction limit under UPI Lite from ₹ 500 to ₹ 1,000. However, the total transaction limit of the wallet is still ₹ 5,000. After this change, users can use up to ₹ 1,000 at a time and the amount available in the wallet in a maximum of five transactions.
Payment facility without internet
Transactions through UPI Lite are offline, which does not require internet or repeated PIN entry. However, these transactions do not require Additional Factor of Authentication (AFA). A maximum of ₹2,000 can be paid at a time in offline mode.
UPI Lite limit was increased earlier also
In January 2022, RBI made changes in the offline framework for small digital payments. In October this year also, it was announced to increase the payment limit of UPI Lite.
New record for UPI transactions
Transactions on the UPI platform are continuously increasing.
October 2024
- Total transactions: 16.58 billion.
- Transaction value: ₹23.50 trillion.
November 2024
- Daily transactions: 516 million.
- Daily Average Value: ₹71,840 crores.
What is the benefit?
This move will make small payments more accessible, especially in areas where there is a lack of internet connectivity. UPI Lite will help users avoid the need to enter PIN repeatedly and make faster transactions.