Unified Payments Interface (UPI) developed by National Payments Corporation of India facilitates money transfer between bank accounts. RBI introduced UPI to reduce cash-based transactions in India, but as it was only available to smartphone users, RBI introduced UPI123 to make it available to ordinary mobile holders as well. With this you can not only scan and pay but also do all kinds of transactions. On September 20, 2022, Reserve Bank of India Governor Shaktikanta Das launched UPI Lite to make small transactions faster and easier.
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With UPI Lite, customers don’t need to enter any pin and can make quick transactions up to a minimum amount of Rs.200. UPI Lite is an “on-device wallet” that requires customers to first deposit money from their bank accounts into the app’s wallet. You can exchange money on it even without internet access. It is said that in the future, the facility to do both debit and credit in UPI Lite will be provided offline.
You can make a maximum transaction of Rs.200 through your UPI Lite and a maximum balance of Rs.2000 in your UPI Lite account. You can use UPI Lite by downloading UPI Lite to your mobile, logging in to it and providing the required information for your device’s biometric or pattern verification.
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