UPI New Rule: Three decisions related to UPI have been taken in the MPC meeting of RBI. Know what these are and how it will benefit you.
Transaction limit on UPI: The Reserve Bank of India (RBI) will allow offline payments of UPI using near-field communication. The central bank has increased the limit of payment through UPI Lite from Rs 200 to Rs 500. With the aim of using new technology to enhance the digital payment experience for the users, 3 things have been proposed-
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- Enable ‘Conversational Payments’ on UPI, which will enable users to engage in conversations with AI-powered systems to make payments.
- Enable offline payments on UPI using Near Field Communication (NFC) technology through ‘UPI-Lite’ on-device wallet.
- Increase the transaction limit from Rs.200 to Rs.500 for small value digital payments in off-line mode within the total limit of Rs.2000 per payment instrument.
- RBI Governor Shaktikanta Das has said that this initiative will further increase the reach and use of digital payments in the country.
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