RBI raises UPI123Pay and UPI Lite transaction limits to promote digital payment adoption.

The Reserve Bank of India (RBI) has raised transaction limits for UPI123Pay and UPI Lite to promote digital payment adoption. The per-transaction limit for UPI123Pay is now ₹10,000, while UPI Lite's wallet limit is increased to ₹5,000 and per-transaction limit to ₹1,000. These changes aim to enhance financial inclusion, especially for feature phone users, and reduce cash usage. Additionally, a beneficiary verification feature for fund transfers will be introduced to minimize errors and fraud.

October 09, 2024
31 Articles