RBI's MPC has given a big relief to the users using UPI Lite. Now if there is less money in your UPI Lite, it will be added automatically. However, before adding money for this, permission will be taken from you whether you want to do this or not.
If you also use UPI Lite for online payment, then this news can prove to be useful for you. Yes, if you are tired of adding money again and again in UPI Lite, then RBI has found a solution to your problem. Actually, now if there is less money in your UPI Lite, then it will be added automatically. However, before adding money for this, permission will be taken from you whether you want to do this or not. If you give permission for auto add, then if the amount from your debit card is less than 500, the balance will be added automatically.
RBI has given a big relief to UPI Lite users. Now users will get rid of the hassle of adding money to their wallet again and again. After the RBI MPC meeting, Reserve Bank Governor Shaktikanta Das announced that money will now be automatically added to the UPI Lite wallet.
Decision taken in the meeting
Shaktikanta Das said, in view of the large scale use of UPI Lite, it has now been proposed to bring it under the e-mandate framework and a new service has been introduced to automatically recharge the wallet of the customer when the UPI Lite wallet balance goes below the threshold limit. This means that the user will not have to add money to the wallet again and again. As soon as the wallet balance goes below the minimum limit, money will be automatically deposited in the wallet. This service will not start automatically, rather the user will have to start it.
What is UPI Lite?
UPI Lite was launched in September 2022 to simplify the transaction process with UPI. Transactions with UPI have increased in the last few years. UPI is also used by small to large vendors. About half of the total UPI transactions across the country are of Rs 200 and less value. Due to this, payments get stuck many times due to increased traffic. Apart from this, it also takes time to add PIN and follow other processes in UPI. Therefore, UPI Lite was introduced for small amount payments and to reduce traffic in banks.
How different is UPI Lite from UPI?
UPI Lite allows users to transact using the on-device wallet, not the linked bank account. This means that you can do it as quickly as possible by just using the wallet without going through the bank. In this, the NPCI Common Library (CL) app is used. In this, payments of less than Rs 500 can be made. Only up to Rs 500 can be paid at a time.
Will increase users' confidence in digital payments
Jose Thattil, CEO of Fastcommerce, believes that RBI's initiative to establish a network-level intelligence platform with real-time data sharing in the digital payment ecosystem will definitely help reduce fraudulent digital payment transactions. Led by AP Hota, with his years of experience, this initiative will enhance security and further increase users' confidence in digital payments.
Apart from this, UPI Lite, a popular tool for people for small payments, will now come under the e-mandate framework, through which customers will not need to manually add funds after their wallet is empty. The option of automatically filling your UPI Lite wallet will be very beneficial for people. These measures will increase UPI based transactions manifold.
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