There is good news for the users of UPI Lite, because there are going to be two major changes in their UPI Lite platform from November 1, 2024. If we talk about changes, then from November 1, UPI Lite users will be able to make more payments. The Reserve Bank of India (RBI) has also recently increased the transaction limit of UPI Lite. If we talk about other changes, after November 1, if your UPI Lite balance goes below a certain limit, then money will be added to UPI Lite again through the new auto top-up feature. This will eliminate the need for manual top-up, due to which payments can be made seamlessly with the help of Unified Payments Interface (UPI) Lite. Let us know in detail.When will the new feature start?
The UPI Lite auto-top-up feature is expected to launch from November 1, 2024. UPI Lite is a wallet that allows users to make small transactions without using the UPI PIN. Currently, UPI Lite users have to manually recharge their wallet balance from their bank account to continue making payments. However, with the new auto-top-up feature, National Payments Corporation of India (NPCI) aims to streamline the process, eliminating the need for manual recharge. The UPI Lite auto-pay balance feature was announced in NPCI’s notification dated August 27, 2024.
UPI Lite Wallet Balance Auto Top-up
Soon you will be able to set minimum balance on UPI Lite. Whenever your balance drops below this limit, your UPI Lite wallet will be automatically replenished with a fixed amount from your linked bank account. The recharge amount will also be set by you. The limit of this wallet cannot exceed Rs 2,000. Up to five top-ups will be allowed in a day on UPI Lite account.
- According to NPCI, UPI Lite users will have to enable the auto-pay balance facility by October 31, 2024. After this, you will be able to use the auto top-up feature on UPI Lite from November 1, 2024.
UPI Lite limit
UPI Lite allows every user to transact up to Rs 500. With this, a maximum balance of Rs 2000 can be maintained in UPI Lite wallet. The daily spending limit of UPI Lite wallet is Rs 4000. The Reserve Bank of India (RBI) has proposed to increase the maximum transaction limit of UPI Lite from Rs 500 to Rs 1,000. Additionally, the UPI Lite wallet limit has also been increased from Rs 2,000 to Rs 5,000.
Actions using the Unified Payments Interface (UPI) without needing to enter a PIN for each transaction. The upcoming changes aim to enhance the user experience by increasing the convenience and capability of UPI Lite.
Key Changes Coming to UPI Lite on November 1, 2024:
- Increased Transaction Limits: The Reserve Bank of India (RBI) has raised the transaction limit for UPI Lite, allowing users to make more payments. This change will benefit individuals who frequently engage in small transactions, making UPI Lite a more effective tool for everyday purchases.
- Auto Top-Up Feature: Starting November 1, if a user’s UPI Lite balance falls below a specified threshold, the new auto-top-up feature will automatically replenish the balance. This means users will no longer need to manually add funds to their UPI Lite wallets, streamlining the payment process and reducing interruptions during transactions.
these enhancements are intended to provide a smoother, more efficient payment experience for UPI Lite users.
There’s exciting news for UPI Lite users as two significant updates are set to take effect starting November 1, 2024. The Reserve Bank of India (RBI) has raised the transaction limit for UPI Lite, allowing users to make more payments. Additionally, a new auto top-up feature will be introduced, enhancing the user experience by automatically replenishing the UPI Lite balance when it falls below a predefined limit. This will eliminate the need for manual top-ups, facilitating smoother transactions through the Unified Payments Interface (UPI) Lite.
Key Changes
1. UPI Lite Auto Top-Up Feature:
– Users will be able to activate the auto top-up feature starting November 1, 2024.
– This feature will automatically add money to the UPI Lite wallet from a linked bank account when the balance goes below a user-defined minimum limit.
– Users can set both the minimum balance threshold and the fixed amount to be added, with the total wallet balance capped at Rs 2,000.
– The facility will allow up to five top-ups in a single day.
Important Dates
- Users need to enable the auto-pay balance facility by October 31, 2024, to take advantage of the new auto top-up feature from November 1, 2024.
UPI Lite Transaction Limits
- Current Limits:
– Maximum balance: Rs 2,000
– Maximum transaction amount: Rs 500
– Daily spending limit: Rs 4,000
- Proposed Increases:
– The maximum transaction limit is set to rise from Rs 500 to Rs 1,000.
– The maximum wallet balance limit will increase from Rs 2,000 to Rs 5,000.
These enhancements are aimed at making UPI Lite a more convenient option for users, significantly simplifying the payment process for small transactions.