look news india
Unified Payments Interface (UPI) has become an integral part of digital payment in India. From 1 August, some significant changes in the rules of UPI transactions are going to apply, making the experience of payment for users even more convenient, especially for transactions of small value.
Important changes will be effective in UPI payment from August 1: Make transactions up to ₹ 2000 without internet!
The most prominent aspect of these changes is the implementation of a new feature called “UPI Lite”. The UPI Lite is mainly designed for small transactions, which will allow users to make payments up to ₹ 2000 without internet connection. This feature will prove to be extremely useful in places where there is a problem of network connectivity, or in circumstances when your mobile data is not working.
How will UPi Lite work and what are its limits?
In the UPI Lite, users will be able to load a certain amount in advance, and then without putting a pin, or in some cases, will be able to use that amount even without internet.
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Single Transaction Limit: Transactions up to ₹ 2000 can be done through UPI Lite.
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Daily Transaction Limit: The maximum limit of daily transactions for UPI Lite has been fixed at ₹ 4000.
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Pin Mandatory: It is an important change that UPI PIN will not be required for transactions up to ₹ 2000. This will make the payment process very fast and trouble free. However, if you are transacting more than ₹ 2000, then you still have to enter your UPI PIN.
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Offline facility: As mentioned above, the main advantage of UPI Lite is that it will work completely offline, so that users will be able to make small payments even without internet.
These rules, which will be effective from August 1, are an important step towards making UPI payments more accessible, faster and effective even in rural or low network connectivity areas. It aims to digitally promote small payments and increase the feature for users.