In a bid to enhance security for online payments, the National Payments Corporation of India (NPCI) has introduced new guidelines for UPI Lite. From now on, users will be limited to a maximum of five transactions per day using UPI Lite. Additionally, the single payment cap has been increased from ₹200 to ₹500 to offer more flexibility for small transactions.
Auto Top-Up Feature by October 31
NPCI has directed all banks and UPI service providers to implement an auto top-up feature for UPI Lite by October 31. This feature will allow users to set a predefined limit for their UPI Lite balance, automatically replenishing it when the balance falls below a certain amount.
Addressing Security Concerns
UPI Lite was introduced to provide a safer payment experience, especially for users who are wary of potential fraud in direct bank-to-bank UPI transactions. The auto top-up feature will simplify the process of adding funds to UPI Lite, ensuring a seamless payment experience.
Key Updates for UPI Lite Users:
- Maximum Daily Transactions: Five transactions per day
- Increased Single Payment Cap: From ₹200 to ₹500
- Auto Top-Up Feature: Must be implemented by October 31, 2024
With these updates, NPCI aims to address concerns over security while making UPI Lite more convenient for daily use, especially for small payments.
UPI Lite Feature Overview:
| Feature | Details |
|---|---|
| Daily Transaction Limit | 5 transactions per day |
| Single Payment Limit | Increased from ₹200 to ₹500 |
| Auto Top-Up | To be implemented by October 31, 2024 |
| Purpose | Enhance security and simplify online payments |
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