3 RBI announcements for UPI: UPI Lite payment limit hiked to Rs 500; Conversational payments and more

Das has proposed to launch Conversational Payments on UPI, enabling users to engage in a conversation with an AI-powered system to initiate and complete transactions in a safe and secure environment.

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The feature will be available on both smartphones and feature phones-based UPI channels. The facility will initially be available in Hindi and English and subsequently in more Indian languages.

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The RBI has increased the transaction limit of UPI Lite to Rs 500 from Rs 200. UPI Lite is available on Paytm, BHIM App, GooglePay, and other payment apps. Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank are already live on the UPI Lite board.

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To promote the use of UPI-Lite, RBI is proposed to facilitate offline transactions using Near Field Communication (NFC) technology. This feature will not only enable retail digital payments in situations where internet/telecom connectivity is weak or not available, it will also ensure speed, with minimal transaction declines. Instructions to NPCI will be issued shortly.

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