UPI Lite : UPI payments, a cashless means of payment via a smartphone application, have altered its rules as of November 1, 2024. The NPCI will make two significant modifications to UPI Lite starting November 1, which will benefit users of prominent payment gateways such as Google Pay, PhonePe, and Paytm.
Users will be able to make more payments with UPI Lite than ever before. According to sources, the RBI has raised the transaction limit for UPI Lite. Furthermore, when the UPI Lite balance falls below a certain threshold, the user’s account is immediately topped up.
This allowed payment to be made via the UPI Lite without any problems. Please let us know more about this service.
What is the definition of UPI Lite?
All of India’s prominent UPI payment services, including Google Pay, PhonePe, and Paytm, will offer the UPI Lite option to users. This is a digital wallet that allows you to make minor transactions without requiring a PIN or password. Users would have to manually top-up their UPI Lite wallets. After the new restrictions take effect on November 1, customers’ wallets will be automatically topped up.
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The National Payment Corporation of India (NPCI) first introduced the UPI Lite feature some time ago. Users can top up this wallet with up to Rs 2,000. UPI Lite allowed users to make minor payments without using their PIN. The NPCI has announced the Auto-Pay Balance capability for UPI Lite only, and this announcement was made official via a notification that was sent out on August 27, 2024.
What is Auto-Pay Balance Service, and how does it operate on UPI Lite?
- Users will need to enable the Auto-Pay Balance function in UPI Lite before using it. They must specify a minimum limit in the account associated to the UPI Lite wallet.
- When the wallet reaches the minimum amount, it is immediately topped up from the user’s account.
- The NPCI has established a Rs 2,000 restriction for UPI Lite.
- It is important to note that customers will not be able to top up their UPI Lite wallet more than five times per day.
- If the user has not enabled auto-pay balance, he will be able to manually top up his UPI Lite wallet.
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