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RBI proposes automatic replenishment for UPI Lite wallet

Abhishek012

TF Pioneer

RBI proposes automatic replenishment for UPI Lite wallet:​

The Reserve Bank of India (RBI) has proposed a new facility to allow automatic replenishment of UPI Lite wallets to promote small-value digital payments. Currently, UPI Lite has a daily limit of Rs 2,000 and a per-transaction limit of Rs 500.​

The Reserve Bank of India (RBI) on Friday proposed a facility to allow customers to automatically replenish their UPI Lite wallets. This initiative aims to promote small-value digital payments by simplifying the process for users. Currently, the UPI Lite wallet has a daily limit of Rs 2,000, with an upper limit of Rs 500 for a single payment. UPI Lite acts as an on-device wallet designed for small-value transactions, making digital payments quick and seamless. At present, the UPI Lite app can hold a maximum of Rs 2,000 at any given time.

New auto-replenishment facility

"To encourage wider adoption of UPI Lite, it is now 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," announced RBI Governor Shaktikanta Das during the bi-monthly monetary policy meeting.

Enhancing ease of use

This new facility is expected to further enhance the ease of making small-value digital payments by ensuring that users' UPI Lite wallets are automatically topped up when the balance falls below a predefined threshold.

Background on UPI Lite

UPI Lite was introduced in September 2022 to facilitate quick and seamless small-value payments through an on-device wallet. The adoption of this service has been gradually increasing as it provides a convenient way for users to handle minor transactions.

Expanding the e-mandate framework

Governor Das also noted the increasing adoption of e-mandates for recurring payment transactions. He proposed to include payments such as replenishment of balances in Fastag, National Common Mobility Card (NCMC), and other similar services within the e-mandate framework. These payments, while recurring, do not follow a fixed periodicity.

Enhancing convenience for mobility payments

"This will enable customers to automatically replenish the balances in Fastag, NCMC, etc. if the balance goes below the threshold limit set by them. This will enhance convenience in making travel/mobility-related payments," Das explained. This move is expected to streamline the payment process for travel and mobility-related expenses, providing greater ease and convenience for users.
 

RBI proposes automatic replenishment for UPI Lite wallet:​

The Reserve Bank of India (RBI) has proposed a new facility to allow automatic replenishment of UPI Lite wallets to promote small-value digital payments. Currently, UPI Lite has a daily limit of Rs 2,000 and a per-transaction limit of Rs 500.​

The Reserve Bank of India (RBI) on Friday proposed a facility to allow customers to automatically replenish their UPI Lite wallets. This initiative aims to promote small-value digital payments by simplifying the process for users. Currently, the UPI Lite wallet has a daily limit of Rs 2,000, with an upper limit of Rs 500 for a single payment. UPI Lite acts as an on-device wallet designed for small-value transactions, making digital payments quick and seamless. At present, the UPI Lite app can hold a maximum of Rs 2,000 at any given time.

New auto-replenishment facility

"To encourage wider adoption of UPI Lite, it is now 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," announced RBI Governor Shaktikanta Das during the bi-monthly monetary policy meeting.

Enhancing ease of use

This new facility is expected to further enhance the ease of making small-value digital payments by ensuring that users' UPI Lite wallets are automatically topped up when the balance falls below a predefined threshold.

Background on UPI Lite

UPI Lite was introduced in September 2022 to facilitate quick and seamless small-value payments through an on-device wallet. The adoption of this service has been gradually increasing as it provides a convenient way for users to handle minor transactions.

Expanding the e-mandate framework

Governor Das also noted the increasing adoption of e-mandates for recurring payment transactions. He proposed to include payments such as replenishment of balances in Fastag, National Common Mobility Card (NCMC), and other similar services within the e-mandate framework. These payments, while recurring, do not follow a fixed periodicity.

Enhancing convenience for mobility payments

"This will enable customers to automatically replenish the balances in Fastag, NCMC, etc. if the balance goes below the threshold limit set by them. This will enhance convenience in making travel/mobility-related payments," Das explained. This move is expected to streamline the payment process for travel and mobility-related expenses, providing greater ease and convenience for users.
Good move. The daily limit of ₹ 2,000 ought to have been increased too, I feel.
 
I was a big fan and advocate of UPI Lite until Wallet UPI came along. Both serve the main purpose of keeping your passbook / bank statement clean. Wallet UPI though is a lot more flexible and has much higher limits. It needs Video KYC which tends to take a couple of minutes. I use Amazon Wallet UPI and like it a lot. Mobikwik also provides a similar service and I have good things about that too.
 
I was a big fan and advocate of UPI Lite until Wallet UPI came along. Both serve the main purpose of keeping your passbook / bank statement clean. Wallet UPI though is a lot more flexible and has much higher limits. It needs Video KYC which tends to take a couple of minutes. I use Amazon Wallet UPI and like it a lot. Mobikwik also provides a similar service and I have good things about that too.
I've was under critical illness and never go updated on all this and world passing by.

Can you guide and clarify on this? A good summary and any guide article or diagram?
 
I've was under critical illness and never go updated on all this and world passing by.

Can you guide and clarify on this? A good summary and any guide article or diagram?
UPI LiteWallet
UPI Lite is device bindedWallet is not
Lite can be used for a max transaction of 500 per transactionNo such minuscule limit on wallet
A Savings account gets you UPI Lite and can be used in multiple apps, e.g you can use UPI Lite on HDFC account in Gpay, Yes in Bhim and so onWallet needs separate KYC and can be used only in the app of Wallet Provider (Slice, Payzap, and Amazon cannot be linked to Bhim app)
Wallet is flexible on VPA customizationUPI Lite is on top of UPI so no
 
UPI LiteWallet
UPI Lite is device bindedWallet is not
Lite can be used for a max transaction of 500 per transactionNo such minuscule limit on wallet
A Savings account gets you UPI Lite and can be used in multiple apps, e.g you can use UPI Lite on HDFC account in Gpay, Yes in Bhim and so onWallet needs separate KYC and can be used only in the app of Wallet Provider (Slice, Payzap, and Amazon cannot be linked to Bhim app)
Wallet is flexible on VPA customizationUPI Lite is on top of UPI so no
Thanks for replying with details.

Was this mixed up? Last line under UPI Lite vs Wallet?
Wallet is flexible on VPA customizationUPI Lite is on top of UPI so no

Does Device Binded mean requiring the PAN/Aadhar linked SIM for all Txs?

Here is my real quandry, and maybe you can suggest way forward?

Suggest way to Scan & Pay change amounts to Auto/ Scooter guys? Main Vi SIM on iOS 16.1.1 (most UPI apps req 17.x) / Prepaid Jio SIM on iOS 17.x

 
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Thanks for replying with details.

Was this mixed up? Last line under UPI Lite vs Wallet?

Wallet is flexible on VPA customizationUPI Lite is on top of UPI so no

Does Device Binded mean requiring the PAN/Aadhar linked SIM for all Txs?

Here is my real quandry, and maybe you can suggest way forward?

Suggest way to Scan & Pay change amounts to Auto/ Scooter guys? Main Vi SIM on iOS 16.1.1 (most UPI apps req 17.x) / Prepaid Jio SIM on iOS 17.x

By device binding what he meant is that if the device is lost you lose your UPI Wallet balance (There may be a way to email someone or raise a grievance and all but let us not get into that). Simply getting a new device with the same primary SIM won't get your UPI Wallet balance. This is unlike Wallet UPI.

Wallet UPI works for your use case. If you use Amazon go for Amazon Wallet UPI. If you use Mobikwik go for Mobikwik Wallet UPI (aka Pocket UPI).
 
By device binding what he meant is that if the device is lost you lose your UPI Wallet balance (There may be a way to email someone or raise a grievance and all but let us not get into that). Simply getting a new device with the same primary SIM won't get your UPI Wallet balance. This is unlike Wallet UPI.

Wallet UPI works for your use case. If you use Amazon go for Amazon Wallet UPI. If you use Mobikwik go for Mobikwik Wallet UPI (aka Pocket UPI).
My main issue now in additional to Medical issues is this iOS limiting most apps have done.

I’ll check out ones you suggested and see if they work on iOS 16.1.1

Or the other where active primary SIM is not mandated for each Txn after verification etc.
 
Now a days, frequent UPI transactions (Credit/Debit) is causing Account freeze on a higher note, so its better to use UPI lite or Wallet apps, atleast they won't show UPI payment entries in statement.
 
Now a days, frequent UPI transactions (Credit/Debit) is causing Account freeze on a higher note, so its better to use UPI lite or Wallet apps, atleast they won't show UPI payment entries in statement.
If you do more than 50 transactions debit or credit per month on commercial banks will freeze your account.

No matter with payment mode you used - UPI, CC/DC, IMPS, NEFT, RTGS etc.

No issue on current accounts.
 
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