UPI Lite Launched for Offline Transactions Alongside UPI on RuPay Credit Cards 2y132d BBPS Cross-Border Payments

s on UPI Lite will be able to use the on-device wallet to enable small-value transactions up to Rs. 200. 466q5z

Written by Richa Sharma | Updated: 21 September 2022 21:00 IST

UPI Lite Launched for Offline Transactions Alongside UPI on RuPay Credit Cards, BBPS Cross-Border Payments

s can decide to disable UPI Lite services at any point of time from their UPI apps 4y2x20

Highlights

The RBI governor Shaktikanta Das announced the launch of UPI Lite
Total limit of balance for on-device wallet can be of up to Rs. 2,000
UPI Lite will give competition to current online mobile wallets

ment

The Reserve Bank of India (RBI) launched UPI Lite for feature phones on Tuesday, allowing Indian s to enable offline transactions for a small amount limit. The on-device wallet was launched by RBI Governor Shaktikanta Das alongside the unveiling of UPI on RuPay credit cards enabling of Bharat Bill Pay System (BBPS) for cross-border bill payments. To recall, UPI Lite's debut in India was announced in March by the National Payments Corporation of India (NPCI). As previously announced, the transactions may be allowed in offline mode, while crediting the may need online connection for the initial phase.

The announcement about the debut of UPI Lite was made in March.

s on UPI Lite will be able to use the on-device wallet to enable small-value transactions up to Rs. 200. However, as NPCI MobiKwik.

As previously announced, the initial phase may see debit payments in offline mode, while crediting the will be possible only when online. However, all the UPI transactions may later transition in complete offline mode.

Most importantly, s can decide to disable UPI Lite services at any point of time from their UPI apps. In such case, the balance fund in the on-device wallet will be refunded to the in real time.

Apart from UPI Lite, the governor also unveiled the UPI on RuPay credit cards and enabling of Bharat Bill Pay System (BBPS) for cross-border bill payments. In the first phase, only Punjab National Bank, Union Bank of India, and Indian Bank will go live with UPI on RuPay credit cards via the Bhim app. Meanwhile, the BBPS enabled cross-border bill payments will go live for Federal Bank and UAE's Lulu Exchange.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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