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News on Medial
RBI permits automatic replenishment of UPI Lite wallet
YourStory
·
1y ago
Medial
The Reserve Bank of India (RBI) has proposed a new facility that would allow customers to automatically refill their UPI Lite wallets. UPI Lite is a simplified version of the Unified Payments Interface (UPI) and serves as an on-device wallet for small-value transactions. Currently, UPI Lite has a daily limit of Rs 2,000 and a single payment limit of Rs 500. By introducing the option for automatic replenishment, the RBI aims to promote greater adoption of UPI Lite and enhance the ease of making small digital payments. Additionally, the RBI plans to include recurring payments, such as Fastag and National Common Mobility Card (NCMC), in the e-mandate framework to further convenience for customers.
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Related News
RBI Increases Transaction Limits For UPI123Pay, UPI Lite
Inc42
·
10m ago
Medial
- RBI increases the per transaction limit for UPI123 Pay from INR 5,000 to INR 10,000 - The transaction limit for UPI Lite is raised from INR 500 to INR 1,000 - UPI Lite wallet limit is increased from INR 2,000 to INR 5,000 - UPI123 Pay is a service introduced in 2022 for feature phone users - UPI123 Pay allows users to access UPI services without an internet connection - UPI123 Pay supports 12 languages for seamless accessibility.
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Transaction limit for small value UPI payments in offline mode raised to Rs 500
Economic Times
·
1y ago
Medial
To increase the speed of small-value transactions on UPI, an on-device wallet called UPI-Lite was launched in September 2022 to optimise processing resources for banks, thereby reducing transaction failures.
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Make Payments Without PIN: Paytm To Focus On UPI Lite Wallet For Low-Value Transactions
Inc42
·
1y ago
Medial
Fintech major Paytm is focusing on its UPI Lite wallet feature to cater to users who prefer wallets for low-value transactions. Paytm's UPI Lite enables secure and fast transactions without the need for a PIN. Users can add up to INR 2,000 to their wallet twice a day, with a total daily limit of INR 4,000. This streamlined approach benefits users making small payments for groceries, parking tickets, and daily commute fares. Paytm is committed to growing the UPI ecosystem in partnership with NPCI. The Reserve Bank of India has prohibited Paytm Payments Bank from offering incremental banking services.
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UPI Lite and wallet-based pay off to a slow start on zero-MDR bottleneck
Economic Times
·
2m ago
Medial
The National Payments Corporation of India's (NPCI) initiatives like UPI Lite, wallet-based payments, and UPI through RuPay credit cards aim to ease the banking system's load for small transactions. Yet, only recurring payments and credit cards via UPI have gained traction, while others struggle due to limited awareness and adoption. Barriers include the zero merchant discount rate, unresolved interchange rates for wallet-based UPI, and the high costs for banks to implement these new features without assured return on investment.
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Paytm shares hit 52-week high as fintech rolls out UPI Lite auto top-up for small payments
Economic Times
·
8m ago
Medial
Paytm shares surged over 4% to reach a 52-week high at Rs 939 following the announcement of an automatic top-up feature for its UPI LITE service. The new feature enables PIN-less transactions for payments under Rs 500 and is available for select users of Yes Bank and Axis Bank. Paytm's UPI LITE service allows small-value payments up to Rs 2,000. Additionally, Paytm introduced a UPI statement download feature and has expanded its UPI service globally. Despite the initial rally, the stock experienced some profit booking and was trading at Rs 889.8 as of 1:24 pm.
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UPI Outages Due To Banks’ Tech Problems, Not NPCI: RBI Gov.
Inc42
·
1y ago
Medial
RBI governor Shaktikanta Das attributed UPI outages to problems at banks' end and assured that the central bank is actively addressing the issue. Meanwhile, RBI deputy governor T Rabi Sankar highlighted the significance of UPI Lite in alleviating pressure on the banking system. This comes in response to the frequent outages witnessed in the UPI system recently.
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RBI Brings FASTag, NCMC Replenishment Under E-Mandate Framework
Inc42
·
11m ago
Medial
The RBI has included auto-replenishment of balances in FASTag and National Common Mobility Card (NCMC) under its e-mandate framework. This decision is in line with the central bank's previous announcement. The auto-replenishment feature will activate when the balance falls below a threshold set by the customer.
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RBI proposes increase in UPI Lite transaction limit to ₹500
Startup News FYI
·
1y ago
Medial
The Reserve Bank of India (RBI) has put forth a proposal to enhance the per transaction payment limit for UPI Lite in offline mode to ₹500. The central bank also introduced other measures aimed at promoting the widespread adoption and usage of digital payments within the country.
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MobiKwik becomes first fintech to fully roll out CBDC e-rupees
Economic Times
·
6m ago
Medial
MobiKwik has launched India's first full-scale Central Bank Digital Currency (CBDC) wallet, e-rupee, in partnership with RBI and Yes Bank. Available to Android users, the wallet supports seamless P2P and P2M transactions by scanning UPI QR codes. Users with completed KYC can easily open an e-rupee wallet, while new users must complete video KYC. The wallet allows transactions up to Rs 50,000 daily, promoting digital rupee adoption to boost the digital economy in India.
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CRED launches e₹ wallet in collaboration with RBI
Entrackr
·
6m ago
Medial
CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.
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