- National Payments Corporation of India (NPCI) designed the “UPI Lite – On-Device wallet” (“UPI Lite”) functionality for UPI user for small value transactions.
- About 75% of the total volume of retail transactions (including cash) in India are below ₹100 transaction value. Further, 50% of the total UPI transactions are having a transaction value of up to ₹200/-. To easily process such small value transactions, NPCI has launched this facility of “UPI Lite”.
- In phase 1, UPI Lite will process transactions in near offline mode i.e. debit offline and credit online, and at a later point, UPI Lite will process transactions in complete offline mode i.e. debit and credit both offline.
- The upper limit of a UPI Lite payment transaction shall be Rs. 200 .The total limit of UPI Lite balance for an “On-device wallet” shall be Rs. 2,000 at any point of time.
- Replenishment of funds in UPI Lite shall only be allowed in online mode with additional factor authentication (AFA) or using UPI AutoPay which has been registered by the User in online mode with AFA.
Points to remember:
- UPI Lite has been launched by?- NPCI
- Name the UPI payment facility launched by NPCI for small value transaction upto Rs 200?- UPI Lite
- What is the upper limit of an UPI Lite payment transaction?- Rs 200
- What is the total limit of UPI Lite balance for an “On-device wallet”?- Rs 2000