UPI Pay : Governor Shaktikanta Das has announced. The MPC has increased the per transaction limit to ₹10,000 and increased the UPI light wallet and transaction limits
UPI Pay Increases: The Reserve Bank of India (RBI) has announced an increase in the transaction limits for UPI 123Pay and UPI Lite. The per transaction limit for UPI 123Pay has been increased from ₹5,000 to ₹10,000, while the limit for UPI Lite wallet has been increased from ₹2,000 to ₹5,000.
RBI MPC on UPI
UPI 1 2 3 Payments per transaction limit increased from ₹ 5000 to ₹ 10000
UPI Lite Wallet amount increased from ₹ 2000 to ₹ 5000
UPI Lite per transaction limit increased from ₹ 100 to ₹ 500
Implementation timeline
Although the updated transaction limits are effective immediately, the NPCI has set January 1, 2025, as the final deadline for banks, public sector banks (PSBs), and service providers to implement the necessary changes.
Key changes to be implemented by Jan 1, 2025:
Increased transaction limit: UPI 123Pay’s transaction limit will officially rise from Rs 5,000 to Rs 10,000.
Aadhaar OTP Onboarding: Aadhaar OTP will be mandated for onboarding users in UPI 123Pay transactions.
Transaction tagging
A new purpose code (86) is introduced for UPI 123Pay transactions. All financial and non-financial transactions must include this code in the purpose = ” ” tag.
The previous initiation mode (31) will no longer be valid.
UPI Numeric ID Mapper Integration: Members must integrate with the UPI numeric ID mapper to enable UPI number functionality.
Why these changes matter
RBI Governor Shaktikanta Das highlighted UPI’s transformative role in India’s financial ecosystem, making digital payments more accessible and inclusive. The updated limits aim to foster further innovation and encourage broader adoption of UPI-based solutions.
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