Everything You Need To Know About UPI Lite X

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.

The Unveiling

The feature will be accessible to anyone with a compatible device that supports Near Field Communication (NFC).

How It Works

While it simplifies low-value transactions, UPI Lite still maintains security by requiring authorization through NFC, ensuring the safety of user funds.

A Step Forwards

Transactions on UPI Lite are faster and don't require a UPI PIN for transactions below Rs 500.

The Development

The maximum daily transfer limit for UPI Lite is Rs 4,000, while UPI allows up to Rs 2 lakhs.

A Demonstration

Unlike traditional UPI, UPI Lite X doesn't require users to have a bank account, making it accessible to a broader demographic.

Compatible Apps

Users can complete UPI Lite transactions by scanning QR codes or using the recipient's UPI ID

Streamlined Process

Other UPI-related products launched at the event include UPI Tap & Pay, Credit Line on UPI, Hello! UPI, Bhashini program, and BillPay Connect.

The Future of Fintech

Next: You Can Now Withdraw Cash From An ATM Via UPI