Published 20:29 IST, November 3rd 2024
UPI Lite now supports higher limits, automatic wallet top-up
The National Payments Corporation of India (NPCI) has introduced an increased limit and automatic top-up for the wallet based on the Unified Payments Interface.
Advertisement
UPI Lite users can make payments of higher amounts and set an automatic refilling mechanism starting November 1. National Payments Corporation of India (NPCI) has introduced an increased limit and automatic top-up for wallet based on Unified Payments Interface (UPI), aimed at streamlining low-value digital payments through supported apps, like GPay, PhonePe, Paytm , and BHIM.
Upgred wallet limit
UPI Lite wallet can now store up to Rs 5,000 compared to limit of Rs 2,000 earlier. All apps that support UPI Lite can now be recharged with up to Rs 5,000. However, daily transaction cap is still Rs 4,000. That being said, NPCI has also increased limit for PIN-less transactions to Rs 1,000 from Rs 500 previously.
Advertisement
New auto top-up facility
Users can now set ir UPI Lite wallets to recharge automatically when balance dips below a preset limit. This works similarly to automatic top-up functionality in digital wallets. UPI Lite users can set a top-up amount limit according to ir preference, but only up to Rs 5,000. automatic recharges are also capped at five per day, so in case users need to refill ir wallets beyond this limit, y must recharge manually.
"This will support quick, PIN-less payments below Rs 500," said NPCI, while announcing automatic top-up functionality back in August.
Advertisement
Key takeaways
-- UPI Lite users can now store up to Rs 5,000 in ir UPI Lite wallets.
-- y can now make payments of up to Rs 1,000 without entering UPI PIN.
-- UPI Lite wallet now supports automatic recharge facility.
-- Only five auto top-ups are allowed daily, with a maximum limit of Rs 5,000.
NPCI also announced that it recorded 16.58 billion UPI transactions worth Rs 23.5 trillion in October, registering a 10 per cent growth in volume and a 14 per cent rise in value compared to September.
Advertisement
20:29 IST, November 3rd 2024