E-Paper
Now you can autofill your UPI Lite Wallet balance: What is it, how it works
The new changes will help in auto replenishment of UPI Lite balance, RBI Governor Shaktikanta Das said.
UPI Lite changes: The Reserve Bank of India (RBI) announced that UPI Lite will now be integrated with the e-mandate framework. This will help in auto replenishment of UPI Lite balance, RBI Governor Shaktikanta Das said. The move is focussed on enhancing ease of making small value digital payments.
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RBI Governor said during the MPC meeting, “The UPI Lite facility currently allows a customer to load his UPI Lite wallet upto ₹2000 and make payments upto ₹500 from the wallet. In order to enable the customers to use the UPI Lite seamlessly, and brd on the feedback received from various stakeholders, it is proposed to bring UPI Lite within the ambit of the e-mandate framework by introducing an auto-replenishment facility for loading the UPI Lite wallet by the customer, if the balance goes below a threshold amount set by him/her. Since the funds remain with the customer (funds move from his/her account to wallet), the requirement of additional authentication or pre-debit notification is proposed to be dispensed with.”
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Shaktikanta Das added, “UPI Lite was introduced in September 2022 to enable small value payments in a quick and seamless manner through an on-device wallet."
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The RBI Governor further said, "To encourage wider adoption of UPI Lite, it is now proposed to bring it under the e-mandate framework by introducing a facility for customers to automatically replenish their UPI Lite wallets if the balance goes below the threshold limit set by them. This will further enhance the ease of making small value digital payments.”
