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