look news india
UPI payment limit: Reserve Bank of India i.e. RBI has given a new gift to the users making online payments. The new facility is especially for those users who make online payments from feature phones. Actually, if you use UPI 123Pay feature for UPI payment, then now you will be able to make online payment up to Rs 10,000. Earlier this limit used to be up to Rs 5,000. The new rules of UPI 123 Pay service will come into effect from January 1, 2025.
When was UPI 123 Pay service started?
There are currently 400 million feature phone users in India. In such a situation, these users are going to get much more facilities than before. UPI 123 Pay feature was launched in March 2022. UPI 123Pay feature allows online payment without internet. Earlier, RBI had increased the limit of UPI Wallet Lite from Rs 2000 to Rs 5000. It is believed that UPI payment is rapidly spreading to small towns and villages in India. In such a situation, RBI has doubled the limit of UPI payment.
Changes in UPI 123Pay service
- Users will be able to make online payments up to Rs 10,000, which is double the amount before.
- A new security layer has been added for Aadhaar based OTT authentication.
- Many options are used for UPI payments like IVR, missed call, feature phone app and voice based technology.
- Easy integration with UPI Numeric ID Mapper for UPI payments.
What is UPI 123pay?
UPI 123Pay is a platform that allows users to make UPI payments without internet using a feature phone. It offers IVR calls, missed calls, app based transactions and voice based payments.
What is UPI Lite?
UPI Lite is a wallet system offered by PhonePe, Google Pay and PhonePe. This service provides the facility to add payments to the wallet. After this, online payments can be added to the wallet without OTT. This payment limit has recently been increased to Rs 5000.