UPI Lite is an on device wallet facility.
Facility to pay up to Rs.200 without using PIN.
The total limit for UPI light balance will be Rs 2,000.
New Delhi. The process of online payment will be easy through UPI Lite but internet will be required for this. Till now there were reports that internet would be required to make payment through UPI Lite. But the National Payment Corporation of India (NPCI) has issued a clarification, according to which payment can be made through Near Offline Mode at present. That is, at present, internet will be required to make payment.
UPI Lite is an on-device wallet feature that allows users to make payments up to Rs.200 without using UPI PIN. At the same time, the total limit of UPI light balance will be Rs 2,000.
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What is Near Offline Mode?
NPCI said that all payment systems use the infrastructure of the bank to process debit and credit in real time. With UPI Lite we process debits almost in time (without using infrastructure of banks). This is what we mean by near-offline.
UPI Lite service works like a wallet so you will need internet to transfer money from bank account to it. This service can be used multiple times a day. On the other hand, if you disable this service, then the money left in the wallet will be transferred to your account.
These users will get the facility of UPI Lite
At present, the UPI Lite feature has started only for the users of BHIM app and 8 banks are providing this feature. These include SBI, Union Bank of India, HDFC Bank, Punjab National Bank, Kotak Mahindra Bank, Indian Bank, Canara Bank and Utkarsh Small Finance Bank.
Also read- Rupay credit cards of 3 banks including PNB went live on BHIM app, it will work
The UPI Lite feature will be of great help to the people of rural areas, especially those citizens who do not own a smartphone or are unable to transact with UPI due to poor connectivity of the net. UPI Lite will provide users the convenience of fast and low value transactions. UPI Lite will reduce the debit load on the core banking system, which will further improve the transaction success rate, as well as enhance the user experience.
Tags: digital payment, RBI, Upi
FIRST PUBLISHED : September 27, 2022, 14:50 IST