To enhance the convenience of digital payments, NPCI has introduced an auto top-up feature for UPI Lite, which automatically replenishes a user’s UPI Lite wallet when the balance falls below a specified threshold. Users can set their desired recharge amount and limit recharges to five times a day, ensuring seamless access to quick, low-value payments.
“UPI Lite improves user experience by enabling PIN-less transactions for amounts under ₹1,500, with a maximum UPI Lite balance limit of ₹12,000 at any given time,” NPCI stated. “To further enhance the UPI Lite user experience, the Auto Top-up feature is being introduced. With this option, the UPI Lite balance will automatically be reloaded with a user-defined amount, as long as it does not exceed the UPI Lite balance limit, whenever the balance drops below a minimum set by the user.”
Launched on August 27, 2024, this feature allows users to establish a mandate through their UPI app, authorizing automatic fund transfers from their bank to the UPI Lite wallet. Users have the flexibility to cancel this mandate at any time, ensuring control over their transactions.
Increased Transaction and Wallet Limits
According to the new guidelines, UPI Lite transactions of up to ₹1,000 will no longer require a PIN, effectively doubling the previous limit of ₹500. Additionally, the wallet balance cap has been raised to ₹5,000, up from the earlier limit of ₹2,000, while the daily transaction limit remains at ₹4,000. These changes are designed to facilitate small-value transactions for daily purchases, streamlining the payment process and enhancing efficiency.
Surge in UPI Transactions Drives Festive Season Growth
According to a report by TOI, NPCI recorded an impressive 16.58 billion UPI transactions in October 2024, totaling ₹23.5 trillion. This reflects a 10% increase in volume and a 14% rise in value compared to the previous month. A significant portion of this growth can be attributed to a rise in person-to-merchant transactions during the festive season, highlighting the importance of the recent enhancements made to UPI Lite.
These updates are anticipated to improve user convenience while ensuring security through transaction limits and controlled usage.
Source: msn
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