RBI Will Now Allow Offline Payments Up to Rs. 500 through UPI Lite: Details

Reserve Bank of India on Thursday introduced to extend the transaction fee restrict from Rs. 200 to Rs. 500 for UPI Lite in offline mode. UPI Lite was first launched in September 2022, permitting customers to make transactions for a small quantity restrict in offline mode. Since then, the function has been adopted by PhonePe, Paytm, and Google Pay as effectively. Meanwhile, just a few different options together with conversational funds and NFC help on UPI have additionally been proposed to make transactions extra seamless.

RBI Governor Shaktikanta Das in a press convention in the present day announced a few main modifications coming to offline UPI funds and extra. UPI Lite transactions restrict has been proposed to be elevated from Rs. 200 to Rs. 500 in offline mode. However, the general pockets restrict is retained at Rs. 2,000 solely. The performance was introduced in September 2022, and it presently permits customers to make offline funds of as much as Rs. 200 solely.

Additionally, RBI additionally proposed to allow “Conversational Payments” on UPI through the use of AI-powered methods. Users will quickly be capable of ask an AI-powered system to make funds. However, additional particulars on this performance have not been disclosed but. The function will initially be out there in Hindi and English and shall be made out there in additional Indian languages quickly.

Furthermore, the RBI additionally introduced to introduce offline funds on UPI utilizing Near Field Communication (NFC) expertise by the ‘UPI-Lite’ on-device pockets. This will assist customers to make funds through UPI in an internet-restricted space or low community space.

Last month, Google Pay launched new UPI Lite companies on its platform. Transactions made through the UPI Lite service on Google Pay won’t require the UPI PIN and may be accomplished with a single faucet. Notably, UPI Lite would not depend on real-time financial institution transactions and therefore, may be accessed in offline mode as effectively.