The RBI Governor launched UPI Lite X for offline money transactions during the Global Fintech Fest 2023.
UPI Lite X enables users to transfer money without internet connectivity using Near Field Communication (NFC) support, even in areas with poor network coverage.
UPI Lite X enables users to transfer money without internet connectivity using Near Field Communication (NFC) support, even in areas with poor network coverage.
The feature will be accessible to anyone with a compatible device that supports Near Field Communication (NFC).
The feature will be accessible to anyone with a compatible device that supports Near Field Communication (NFC).
While it simplifies low-value transactions, UPI Lite still maintains security by requiring authorization through NFC, ensuring the safety of user funds.
While it simplifies low-value transactions, UPI Lite still maintains security by requiring authorization through NFC, ensuring the safety of user funds.
Transactions on UPI Lite are faster and don't require a UPI PIN for transactions below Rs 500.
Transactions on UPI Lite are faster and don't require a UPI PIN for transactions below Rs 500.
The maximum daily transfer limit for UPI Lite is Rs 4,000, while UPI allows up to Rs 2 lakhs.
The maximum daily transfer limit for UPI Lite is Rs 4,000, while UPI allows up to Rs 2 lakhs.
Unlike traditional UPI, UPI Lite X doesn't require users to have a bank account, making it accessible to a broader demographic.
Unlike traditional UPI, UPI Lite X doesn't require users to have a bank account, making it accessible to a broader demographic.
Users can complete UPI Lite transactions by scanning QR codes or using the recipient's UPI ID
Users can complete UPI Lite transactions by scanning QR codes or using the recipient's UPI ID
Other UPI-related products launched at the event include UPI Tap & Pay, Credit Line on UPI, Hello! UPI, Bhashini program, and BillPay Connect.
Other UPI-related products launched at the event include UPI Tap & Pay, Credit Line on UPI, Hello! UPI, Bhashini program, and BillPay Connect.