UPI Lite UPI 123 PAY wallet limit transaction limit increased announced RBI

UPI News: If you use UPI 123pay and UPI Lite, then this news is useful for you. RBI Governor Shaktikanta Das made new announcements on Wednesday, which will benefit UPI 123Pay and UPI Lite users. According to reports, the Reserve Bank of India has increased the wallet limit of UPI Lite to Rs 5,000. Earlier this limit was Rs 2 thousand. At the same time, the daily transaction limit has also been increased from Rs 500 to Rs 1,000.

Similarly, the Reserve Bank has increased the daily transaction limit for UPI 123 Pay from Rs 5,000 to Rs 10,000. It is noteworthy that UPI 123PAY is used by feature phone users. This is a quick payment system, through which people can make UPI payments without a smartphone or internet connection. UPI123Pay was launched in March 2022. This service is available in 12 Indian languages.

According to IANS report, Ramakrishnan Ramamurthy, COO of Worldline in India, said that it is necessary to increase the capacity of UPI to provide financial services to every person. UPI 123Pay and UPI Lite have grown in reach and acceptance. In such a situation, increasing the transaction limit is a positive step. This will help in increasing the value of the transaction.

What changed in UPI Lite?

Now people will be able to keep up to Rs 5,000 in UPI Lite wallet. Earlier this limit was Rs 2 thousand. At the same time, transactions of Rs 1,000 can be done daily, which was earlier Rs 500.

What changed in UPI 123 PAY?

Transactions of Rs 5,000 could be done daily through UPI 123Pay, which has now been increased to Rs 10,000. RBI’s announcement will benefit crores of UPI users across the country.