365Telugu.com Online News, India, August 25, 2023: Even in areas with no internet or weak signal, people can now use UPI Lite wallet to pay Rs. 500 can be paid offline. For this, RBI has increased the maximum amount of offline payment through UPI Lite Wallet from Rs.200 to Rs.500.
However, the amount that can be transacted through this facility on any payment platform is still limited to Rs. Limited to 2,000.
In a circular on raising the limit of small amount digital payments through offline mode, the central bank said, “To encourage small value transactions, the upper limit of offline payments has been increased to Rs 500.” UPI Lite Wallet has become very popular among basic mobile phone owners in no time. Currently, more than one crore transactions per month have been initiated through this payment platform.
NFC transactions do not require PIN verification
In early August, the RBI proposed to facilitate offline transactions using NFC technology, to increase the use of UPI Lite. NFC transactions do not require PIN verification. According to the central bank, this facility will not only enable retail digital payments but also ensure speed.