RBI Enhances UPI 123Pay and UPI Lite Limits: Boosting Digital Payments for Feature Phone Users
| Why in News | Key Points |
|---|---|
| RBI Doubles UPI 123Pay Limit | Transaction Limit: Increased from ₹5,000 to ₹10,000 for feature phone users |
| Purpose: To enhance digital payments accessibility for 400 million feature phone users | |
| Security: Aadhaar OTP authentication introduced for transactions | |
| Tracking: New purpose code (86) for standardized transaction tagging | |
| Transaction Methods: IVR, missed calls, sound-based payments | |
| Launch Details | Launch Date: March 2022 |
| Implemented By: RBI and National Payments Corporation of India (NPCI) | |
| Users: 400 million feature phone users across India | |
| UPI 123Pay Features | Methods: IVR, missed calls, sound-based payments, and app-based transactions |
| Security Feature: Aadhaar OTP for enhanced authentication | |
| UPI Lite | Limit Increased: From ₹2,000 to ₹5,000 for small-value transactions |
| RBI MPC Updates | Repo Rate: 6.5% (unchanged) |
| GDP Growth Forecast: 7.2% for FY25 | |
| Inflation Target: 4.5% for FY25 | |
| Governor: Shaktikanta Das |