Explore UPI Lite X and UPI – Everything you need to understand

In a bid to improve the convenience of UPI payments, the Governor of the Reserve Bank of India (RBI) unveiled a new addition known as UPI Lite Money offline seamlessly. RBI Governor Shaktikanta Das showcased this latest UPI innovation at the Global Fintech Fest 2023. UPI is a real-time payment system that allows users to transfer money between bank accounts. It is built on the Immediate Payment Service (IMPS) infrastructure. The maximum amount that can be transferred in a day from a bank account is Rs 2 Lakhs. UPI Lite is a payment solution that uses the NPCI Common Library (CL) application to process low-value transactions. Currently, the transaction amount has been set at less than Rs 500. This feature is like an 'on-device wallet' that allows users to make small value payments in real-time without using a UPI PIN. UPI Lite X is a new feature that allows users to make offline payments via NFC. This means that the sender's and recipient's devices must be in close proximity for the transaction to be completed. There is no limit on the amount that can be transferred using UPI Lite X.

#RBI #UPI #UPILiteX #UPILite

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