This is big news for those who make UPI payments through Google Pay, PhonePe, Paytm. NPCI will make two important changes to UPI Lite from November 1, 2024, which will benefit users. From November 1, users will be able to make more payments through UPI Lite than before. RBI increases transaction limits for UPI Lite. At the same time, if the balance of UPI Lite falls below a certain limit, the user’s account will be automatically recharged. This way, payments can be made through UPI Lite without any restrictions.
What is UPI Lite?
All UPI payment platforms (including Google Pay, PhonePe, Paytm) provide UPI Lite functionality. UPI Lite is a digital wallet that provides the freedom to conduct small-value transactions without the need for a PIN or password. To top up the UPI Lite wallet, users have to top up the money manually. After the new rules come into effect on November 1, user wallets will be automatically recharged.
The National Payments Corporation of India (NPCI) launched the UPI Lite feature some time ago. Users can top up up to Rs 2,000 in this wallet. With UPI Lite, users can make micropayments without a PIN. NPCI issued a notification on August 27, 2024, announcing the automatic balance payment feature of UPI Lite.
Automatic balance payment service
To activate the auto-pay balance service in UPI Lite, users have to enable it before October 31, 2024. Users must set a minimum limit in the account linked to the UPI Lite wallet. Once the minimum amount in the wallet is reached, the wallet is automatically topped up from the user’s account. NPCI has set a maximum limit of Rs 2,000 for UPI Lite. Additionally, users cannot make more than 5 recharges in the UPI Lite wallet in a day. If users do not opt ​​for the auto-pay balance feature, they will be able to recharge their UPI Lite wallet manually.
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