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By Jitendra Jangid- Friends, there was a time when people used to depend on cash for money transactions, but after the arrival of UPI in today's digital world, there has been a revolution in money transactions, with the introduction of UPI (Unified Payments Interface) in 2016, digital payments have become common in India. Whether paying at the grocery store or transferring money to a friend, UPI has made our everyday transactions easier. It is deeply embedded in our everyday life. The Reserve Bank of India (RBI) launched a new feature - UPI Lite in September 2022. Let's know the full details about it-

What is UPI Lite?

UPI Lite is a simplified version of the regular UPI system, designed for quick and low-value transactions.

First, users need to load money from their main bank account into the UPI Lite wallet. This can be done using UPI itself.

Once the wallet is loaded, users can instantly pay for small purchases like milk, fruits, snacks, and other everyday items.

Key Features of UPI Lite

No Internet Required

Unlike standard UPI payments, UPI Lite can be used without an active internet connection, making it ideal for use in areas with low connectivity.

No UPI PIN Required

For every transaction made through regular UPI, it is mandatory to enter the UPI PIN. UPI Lite does not require a UPI PIN, which speeds up the process for small-value payments

Transaction and Wallet Limits

Initially, the wallet limit was ₹2,000, but now it has been increased to ₹5,000.

The per transaction limit has also been increased from ₹100 to ₹500. This means you can now store up to ₹5,000 in your UPI Lite wallet and use it to make payments of up to ₹500.

Why use UPI Lite?

UPI Lite is perfect for people who frequently make small transactions and want a faster, simpler payment experience.