First Published Sep 24, 2022, 12:00 AM IST
KuReserve Bank of India Governor Shaktikanta Das launched the Unified Payment Interface (UPI) Lite with the aim of speeding up UPI payments of Rs.
What is UPI Lite?
This is a feature that allows users to make payments as small as Rs 200 in real-time without using a PIN/password. For this, users have to pre-deposit money from their bank accounts into the UPI Lite wallet. Using this wallet does not require internet during transaction hours. But currently it is only possible to pay in the wallet. That means all credits to UPI Lite, including refunds, will go directly to your bank account.
Transaction limit for UPI Lite
According to a press release issued by the National Payments Corporation of India (NPCI), the upper limit of payments for UPI Lite has been set at Rs 200. Users do not need UPI PIN to make payments below Rs.200.
Can you use UPI Lite without internet?
Debit payments can be made without internet connectivity, while credit payments are made to the account with the help of internet.
How will it benefit users?
It provides users with simple and fast convenience for low value transactions. Customers will no longer lose their money. Transactions can be made even during peak hours
How to add funds?
Funds can be added only in online mode, which requires internet connectivity.
Last Updated Sep 24, 2022, 12:04 AM IST