look news india
UPI Payment New Rules: The Reserve Bank of India (RBI) has changed its rules so that more money can be transacted through feature phones. RBI Governor Shaktikanta Das has announced to increase the limit of UPI 123Pay in the Monetary Policy Committee on October 9. After the decision of RBI, now users will be able to send Rs 10,000 instead of Rs 5,000 with the help of UPI 123Pay. Also, the limit of UPI Lite wallet has been increased from Rs 2000 to Rs 5000.
UPI payments will increase in villages and towns
The biggest impact of RBI's new decision will be seen in villages and poor sections, where feature phones are still used. The government has provided the facility of UPI payment without internet with the help of feature phones. It is known as UPI123Pay. With the help of this service, money transaction can also be done through button phone. For this it is not necessary to have internet in the phone. RBI believes that the new decision may see a surge in UPI payments.
What is UPI 123 Pay?
This is NPCI's feature phone based UPI payment service, with the help of which UPI payment can be made without internet and smartphone.
How to make UPI payment without internet
- For UPI123Pay service, users must first dial 99# on their phones.
- After this users will have to select option 1 in their feature phones.
- After this you have to select the transaction type.
- Then you have to enter the UPI ID to which you want to send money. Additionally, you will also need to enter a phone number or bank account number.
- Then you have to enter the UPI ID to which you want to send money. Additionally, you will also need to enter a phone number or bank account number.
- Then you have to enter the amount to send.
- After this enter your UPI PIN.
- Then you have to tap on “Send” option.