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In order to encourage wider adoption of UPI, RBI has decided to enhance the pre-transaction limit to ₹10,000 from ₹5,000 for feature phone users through UPI123 Pay.
UPI 123PAY is an instant payment system for feature phone users who can use the Unified Payments Interface in a safe and secure manner. Through UPI 123PAY, feature phone users can conduct transactions by calling an IVR (interactive voice response) number, app functionality in feature phones, missed call-based approach and also proximity sound-based system. This facility is now available in 12 languages.
In order to widen the use-cases, RBI has decided to enhance the per-transaction limit to ₹10,000. Necessary instructions will be issued to NPCI shortly, it said.
RBI has set a limit of ₹500 per transaction and an overall limit of ₹2,000 per UPI Lite wallet, with the facility of auto-replenishment.
To widen the scope of its usage, it has now been decided to increase the UPI Lite wallet limit to ₹5,000 and per-transaction limit to ₹1,000.
The framework for facilitating small value payments in the offline digital mode under which UPI Lite has been enabled, will be suitably amended, said RBI.
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