Mumbai: Reserve Bank of India hiked the transaction payment limit for UPI Lite in offline mode. The transaction payment limit is hiked to Rs. 500 from Rs 200. The overall wallet limit is retained at Rs. 2,000 only.
UPI Lite was first introduced in September 2022. It allows users to make transactions for a small amount limit in offline mode. The feature has been adopted by PhonePe, Paytm, and Google Pay.
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The RBI also announced to introduce offline payments on UPI using Near Field Communication (NFC) technology through the ‘UPI-Lite’ on-device wallet. This will help users to make payments via UPI in an internet-restricted area or low network area.
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