NewDelhi: Good news for UPI Lite users! Effective from 1st November 2024 two major enhancements will be introduced to the UPI Lite application. First, users will now be able to do more significant payments. Recently, the RBI has enhance the transaction limit of UPI Lite. Secondly, if the UPI Lite balance drops below a particular limit, an auto top up option will be activated and the balance replenished in order to avoid the need for constant top up. This will ensure continued afFliate transactionsH through the UPI Lite app.
When will this new feature begin?
The UPI Lite auto top-up service is planned to launch on 1st November 2024. UPI Lite is a feature that enables those small transactions to be executed without the UPI PIN card. At the moment, the users who subscribe with UPI Lite service, have to recharge their wallet balance through their bank account. Nonetheless with the new auto top up feature, a move by the National Payments Corporation of India NPCI is keen on eradicating the repeated recharges. The NPCI released the update about the UPI Lite auto-pay balance feature in the 27th August 2024 notice.
Auto recharge facilities for balance transactions through UPI Lite Wallet
Soon, users will also be able to have a minimum balance of their choice for the UPI Lite wallet too. The minimum balance should be maintained to a predefined value, and in case this is failed, a predefined amount will be automatically charged from the linked bank account. You can also customise the recharge amount with maximum wallet capacity of ₹2000. It will be allowed to top up a UPI Lite account five times in a day.
As per NPCI the auto pay balance to be enabled in UPI Lite by 31st October 2024 and the auto top up option will be available from 1st November 2024.
Transaction limitations on UPI Lite
At this moment, due to our scale and the ability of the system to recognise handwriting, transactions as high as ₹500 each and a wallet balance up to ₹2000 are possible. Currently, the total transaction size allowed via UPI Lite is set that up to ₹4000 can be spent in a single day. RBI has suggested enhancements of the limit on per transaction from 5 hundred to one thousand and wallets’ limit of 2 thousand to five thousand.
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