Mumbai: Reserve Bank of India (RBI) Governor Shaktikanta Das announced a significant update to the Unified Payments Interface (UPI) system, aimed at boosting digital payments across the country. Speaking at an event in Mumbai, Das emphasized the transformative role UPI has played in India’s financial sector, highlighting its contribution to making digital payments both accessible and inclusive.
“UPI has transformed India’s financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation,” said Das. He noted the increasing adoption of UPI across various sectors and its role in promoting financial inclusion by enabling easy transactions for all segments of society.
To further support and encourage the wider use of UPI, Governor Das revealed two key updates to the system:
- Enhanced Per Transaction Limit for UPI 1, 2, 3 Pay: The limit for per transaction in UPI’s 1, 2, and 3 pay methods has been increased from ₹5,000 to ₹10,000. This move is expected to make UPI payments more flexible, especially for users conducting higher-value transactions, without compromising on the ease of access.
- Increased Limit for UPI Lite Wallet: The UPI Lite wallet limit has also been raised from ₹2,000 to ₹5,000. UPI Lite is a simplified version of the platform, designed to handle low-value transactions with quicker processing, and the increased limit will allow users more flexibility in managing their smaller, everyday expenses.
These changes are part of a broader push by the RBI to strengthen India’s digital payment infrastructure and ensure that UPI continues to evolve with the needs of users. The increase in transaction limits will likely facilitate smoother and larger digital payments, providing more convenience to both consumers and businesses. The updated limits are expected to drive further adoption of UPI, especially in sectors such as retail, hospitality, and e-commerce, where higher-value transactions are common.
Since its introduction, UPI has revolutionized India’s digital payment ecosystem, offering an easy-to-use platform that enables seamless fund transfers between bank accounts in real time. With over 10 billion transactions recorded every month, UPI has become the preferred method for both personal and business payments, thanks to its simplicity, security, and widespread availability.
Governor Das reiterated the RBI’s commitment to further enhancing UPI’s capabilities, with a focus on increasing inclusivity and financial access for all Indians. By continuing to innovate and adapt, UPI is poised to remain at the forefront of India’s digital payments revolution.
These new limits for UPI and UPI Lite are expected to come into effect soon, reinforcing India’s position as a global leader in digital finance.
