UPI Lite Transaction Limit Increased To Rs. 500, Also Allowing Offline Payment: The Reserve Bank of India (RBI) has announced three updates in the UPI Lite application and this will turbocharge the usage of the app. RBI raises the UPI Lite transaction limit to Rs. 500 from Rs. 200, this was announced by the RBI Governor Mr.Shaktikanta Das on Today (10.08.2023) during the MPC conclusion meeting.
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To enhance the UPI Lite transaction, RBI also planned to introduce offline payments using the Near Field Communication (NFC) technology, this will increase the speed of the transactions with minimal failures and this will also enable transactions during weak internet or telecom connectivity for performing digital payments.
Governor also proposed conversational payments in UPI that can be done through online messaging or chat platforms between the chat operator and payment provider that will be assisted by AI-powered systems to perform payment transactions. The UPI Lite was introduced by the National Payments Corporation of India (NPCI) in September 2022 to simplify UPI-made transactions.