UPI Lite launch in India soon, with offline payment mode, on-device wallet, AutoPay, and more
“Initially UPI Lite shall be launched as a pilot with multiple banks and app providers, and after a due comfort is achieved, the full-scale commercial launch with compliance timelines for onboarding for the issuers and app providers shall be declared,” NPCI Chief of Product Kunal Kalawatia stated in the circular.
NPCI aims to attain the billion-a-day payment milestone within three to five years, and the launch of UPI Lite is expected to be critical in achieving that goal. The RBI launched the ‘123Pay’ UPI service earlier this month to enable payments for over 40 million feature phone users. In February, UPI processed 4.52 billion transactions worth Rs. 8,26,843 crore, according to NPCI’s published data. Here’s a quick look at UPI Lite key features:
UPI Lite features
Credit: UPI twitter
In the circular, NCPI states that, in the first phase, UPI Lite will process transactions in a semi-offline mode where a user will be able to debit the sum offline mode and credit the sum when online. Later, the user will be able to make transactions entirely offline, where the debit and credit will process without the internet as well.
The transaction will be limited to Rs 200, and the on-device wallet capacity will not exceed Rs 2,000, added NPCI. However, the user has to add funds to UPI Lite in online mode with UPI AutoPay and additional factor authentication. The user will be able to enable, disable, and top up the UPI Lite only in online mode. The UPI Lite balance will be displayed on the home screen of the UPI app. Additionally, the funds in UPI Lite will be non-interest bearing.
While NPCI advises users to have a passcode or some authentication for security, the payment can be executed without UPI PIN. Users will get a consolidated debit SMS for every transaction at regular intervals. Depending on how many UPI Apps the User uses to access one designated bank account, the user can have various UPI Lite on-device balances.
Lastly, UPI Lite will initially launch as a pilot with multiple apps and banks.
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
