RBI’s UPI Lite E-mandate: A Game-Changer for Small Transactions
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As someone who’s always on-the-go, I’ve often found myself in situations where I need to make quick, small transactions. Whether it’s buying a cup of coffee or paying for a ride-hailing service, these transactions can add up quickly. That’s why I was excited to learn about the Reserve Bank of India’s (RBI) new feature for UPI Lite, called UPI Lite E-mandate.
What is UPI Lite?
Before diving into E-mandate, let’s understand what UPI Lite is. UPI Lite is a digital wallet within your UPI app specifically designed for quick and easy low-value payments. Here’s what makes it distinct:
- Transaction limit: Transactions are capped at Rs. 500.
- No PIN required: Payments are authorized without entering a PIN for transactions under Rs. 200 (subject to your bank’s policy).
- Faster transactions: Transactions are processed on-device, making them quicker than traditional UPI payments.
UPI Lite: A digital wallet for small transactions
How Does UPI Lite E-mandate Work?
Here’s where the magic happens:
- Set a Threshold: You choose a minimum balance you want to maintain in your UPI Lite wallet.
- Activate E-mandate: Link your linked bank account to UPI Lite E-mandate.
- Auto Top-up: Whenever your UPI Lite balance dips below your set threshold, funds will be automatically transferred from your linked bank account to your UPI Lite wallet, ensuring you never run out of funds for those quick, everyday purchases.
UPI Lite E-mandate: Set it and forget it
Benefits of UPI Lite E-mandate
- No more manually reloading your UPI Lite wallet. Set it and forget it.
- Always have enough balance for small purchases without worrying about topping up constantly.
- Avoid interruptions during your shopping sprees by ensuring a smooth flow of funds.
UPI Lite E-mandate Benefits: Convenience at its best
Some Things to Remember
- UPI Lite E-mandate is a relatively new feature, so its availability might vary depending on your UPI app provider.
- It’s crucial to choose a safe and secure UPI app and set a strong threshold to avoid overspending.
UPI Lite E-mandate Safety: Choose wisely
In conclusion, UPI Lite E-mandate is a game-changer for small transactions. With its ease of use and convenience, it’s a feature that’s sure to make our lives easier. So, go ahead and give it a try!
