RBI Raises UPI Limits: Enjoy Easier Payments with New ₹1,000 and ₹5,000 Caps

The Reserve Bank of India (RBI) has announced that the per transaction limit for UPI Lite has been raised to ₹1,000 from ₹500. Additionally, the overall limit for UPI Lite wallets has increased to ₹5,000 from ₹2,000. The RBI also raised the UPI 123PAY per transaction limit to ₹10,000 from ₹5,000. These changes aim to make digital payments simpler for users. The announcement was made during the monetary policy meeting today.

Key Changes:

• UPI 123PAY: The per transaction limit for UPI 123PAY, designed for feature phone users, is now increased from ₹5,000 to ₹10,000. This facility is available in 12 languages and was introduced in March 2022 to help more people use UPI.
• UPI Lite: The per transaction limit has gone up from ₹500 to ₹1,000, and the wallet limit has increased from ₹2,000 to ₹5,000. This change allows users to make more transactions without needing to enter a UPI PIN.

Understanding UPI Lite and UPI 123PAY

What is UPI Lite?

UPI Lite allows users to make payments without entering their UPI PIN for small transactions. Users can now make payments of up to ₹1,000 without needing to enter their PIN. To use this feature, individuals need to add money to their UPI Lite wallet, which can now hold up to ₹5,000.

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What is UPI 123PAY?

UPI 123PAY is a service for feature phone users to make UPI payments easily. Payments can be made through:

1. Pre-defined IVR number
2. Missed call payments
3. OEM-enabled payments
4. Sound-based technology

These enhancements by the RBI are part of efforts to encourage the use of UPI and make digital payments more accessible to everyone.

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