UPI Lite is going to be launched in India soon which will pretty much do the job of a physical wallet from which you can send a small amount of money to others offline. The NPCI (National Payments Corporation of India) informed banks about UPI Lite and that it is going to be launched in India soon.
UPI Lite will be NPCI’s offering aligning with the central bank’s model. After the launch, you will be able to transfer funds to UPI Lite from your bank account and it will be available in a common library of the UPI app.
In the first phase, UPI Lite will only work in near offline mode. This means that it will only debit payments in offline mode and credit when the account is online. The NPCI further said they will soon start working on offline debits and credits once the 1st phase is successful.
The upper limit of a UPI Lite payment transaction is set at Rs. 200, though the total limit of balance for the on-device wallet can be up to Rs. 2,000, NPCI said. You won’t need a UPI Pin to make the transactions from your UPI Lite on-device waller. However, the NPCI recommends that you have a PIN or password to protect your funds.
In case you want to close your UPI Lite account then you can do it easily with one click and your on-device amount will be credited to your bank account.
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