National Payments Commission of India (NPCI) has launched UPI Lite, an on-device wallet alternative to Unified Payments Interface (UPI) to enable small value transactions in offline mode. NPCI member banks have been informed of the launch, UPI Lite is said to be similar Paytm and Mobikwik. In the initial stages of testing, UPI Lite will be partially offline and there will be a limit on the amount of transactions and balances on the device. UPI Lite is said to take NPCI’s ambition of offline transactions to the next stage. Let’s take a look at what is UPI Lite and how it will work.
What is UPI Lite
as mentioned above, is i Lite will be an on-device wallet functionality that will enable offline transactions of small values. UPI Lite will work through the wallet system. You need to add funds to the UPI Lite wallet and use them to make small payments of less than Rs.200.
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How UPI Lite works
There is a limit of Rs 2,000 on the amount of money you can have in this UPI Lite wallet. In the initial stages, it will be a partially offline system. This means money will be debited offline, but will be credited online. Meaning if you are using UPI Lite wallet and making a payment to someone, the money will be debited from your account without internet connection, but when they are online it will be credited to the recipient’s account. This, NPCI says, will also be completely offline, which means both debit and credit will be possible offline. The agency also said that users will not be required to enter their UPI PIN while verifying UPI Lite payment.
When will UPI LITE launch?
The exact timeline of when UPI Lite will be launched is not yet known. NPCI has said that initially UPI Lite will be launched as a pilot with multiple banks and app providers, and after a reasonable relaxation is obtained, with compliance time limits for on-boarding for issuers and app providers Full-scale commercial launch will be announced.
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How much money can you send on UPI Lite?
As mentioned, there will be a limit of Rs 2,000 on the amount of money you can have in your UPI Lite wallet. The transaction limit will be Rs 200 per transaction.
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