The National Payments Corporation of India (NPCI) is planning to introduce UPI Lite, a new mobile payment solution. It would be a viable alternative to MobiKwik and Paytm, among other mobile wallets. The Reserve Bank of India’s (RBI) structure for minor digital transactions in the offline mode will form the foundation for Lite.
UPI Lite will be available to those who already use UPI to make digital payments. It will work similarly to other digital wallet apps where users will need to recharge or add funds to their Lite wallets in order to perform transactions. These funds will be accessible to use offline after that. It’s worth noting that the maximum transaction amount will be Rs. 200. Additionally, a maximum of Rs. 2,000 can be placed into the Lite wallet.
Also Read: Women’s Day 2022: Women Leading in India in Tech
Features of UPI Lite
According to the circular, UPI Lite will process transactions in a semi-offline mode in the first phase, allowing users to debit the balance offline and credit the sum online. Later, the user will be able to conduct transactions completely offline, using debit and credit cards processing without using the internet.
Also read: 15 Mistakes To Avoid When Buying a TV In 2022
The transaction will be fixed to Rs. 200, with a maximum on-device wallet capacity of Rs. 2,000, according to NPCI. However, the user must contribute funds to Lite using UPI AutoPay and two-factor verification in online mode. Only in online mode users will be able to enable, disable, and top up the UPI Lite. The balance will be displayed on the UPI app’s home screen. Furthermore, the funds under Lite will not bear any interest.
While NPCI recommends that users have a password or other kind of authentication for security, the payment can be made without the use of a UPI PIN. At regular intervals, users will get an aggregated debit SMS for each transaction. The user may have several UPI Lite on-device balances depending on how many UPI Apps he or she uses to access one specified bank account. Finally, Lite will begin as a trial with a number of applications and banks.
Also read: How to Create a Strong Password And Beat Security Experts And Hackers
Anushka Saxena
A hardworking, dedicated and fun-loving person who always loves to explore new things, meet new people and try to make every journey worth remembering. Cheers!