- The Reserve Bank of India on 7th June 2024 announced the introduction of the UPI LITE e-mandate to create a more seamless payment ecosystem.
- UPI Lite was introduced in September 2022 to enable small value payments quickly and seamlessly through an on-device wallet.Currently, the UPI Lite has a daily limit of Rs 2,000, while the upper limit for a single payment is Rs 500.
What Will Change Now?
To encourage wider adoption of UPI Lite, RBI today 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 inturn further enhance the ease of making small-value digital payments.
What Is UPI LITE?
- UPI LITE is a payment solution designed to handle low-value transactions below Rs 500.
- UPI LITE utilizes the reliable NPCI Common Library (CL) application to process these payments, integrating seamlessly with the existing UPI ecosystem on mobile phones to ensure consistency, compliance, and broad acceptance.
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