UPI Lite – Now Pay up to INR500/-, instead of INR200/-

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UPI Lite – Now Pay up to INR500/-, instead of INR200/-

          This information pertains exclusively to UPI Lite users or those considering trying out UPI Lite. It does not apply to bank customers who do not have any intention of using UPI Lite.      

Reserve Bank of India recently announced that the maximum transaction value for UPI Lite will be enhanced to INR500/- from the present INR200/-

          So, get ready to pay up to INR500/- without cluttering your Bank Account Statement.   




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 Enhancing transaction limits for small-value digital payments

A limit of ₹200 per transaction and an overall limit of ₹2000 per payment instrument has been prescribed by the Reserve Bank for small value digital payments in offline mode including for National Common Mobility Card (NCMC) and UPI Lite.

By removing the need for two-factor authentication for small value transactions, these channels enable faster, reliable, and contactless mode of payments for everyday small value payments, transit payments etc. Since then, there have been demands for enhancing these limits.

To encourage wider adoption of this mode of payments and bring in more use cases into this mode, it is now proposed to increase the per transaction limit to ₹500.

The overall limit is, however, retained at ₹2000 to contain the risks associated with relaxation of two-factor authentication.

Instructions in this regard will be issued shortly.

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Additional Reading: https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12531&Mode=0

Disclaimer:  These are my personal views only. Nothing to do with my employer. The bottom-line is Safe ePayments

#DiabetesCareMotivator

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