UPI Lite among key digital payment initiatives launched: Here's how it works | Mint
Active Stocks
Tue Feb 27 2024 15:57:55
  1. State Bank Of India share price
  2. 749.70 -1.23%
  1. Tata Steel share price
  2. 144.15 1.09%
  1. Power Grid Corporation Of India share price
  2. 292.50 1.65%
  1. Sun Pharmaceutical Industries share price
  2. 1,579.10 1.42%
  1. ITC share price
  2. 411.15 0.48%
Business News/ Industry / Banking/  UPI Lite among key digital payment initiatives launched: Here's how it works
BackBack

UPI Lite among key digital payment initiatives launched: Here's how it works

UPI Lite is among the key digital payment initiatives that the RBI has launched; here's how it will work

RBI has launched 3 key digital payment initiativesPremium
RBI has launched 3 key digital payment initiatives

The Reserve Bank of India (RBI) Governor, Shaktikanta Das, on Tuesday launched three key digital payment initiatives at the Global Fintech Fest 2022. The three digital payment initiatives that were launched by the RBI are RuPay Credit Card on Unified Payments Interface (UPI), UPI Lite, and Bharat BillPay Cross-Border Bill Payments.

UPI Lite will provide users with a convenient solution for faster and simpler low-value transactions, the National Payments Corp Of India (NPCI) said in a statement. Currently, India has been using the Unified Payments Interface (UPI) for low-value payments with 50 per cent of transactions through UPI below 200. 

HOW WILL UPI LITE WORK?

Transactions in near-offline mode

Now that UPI Lite on BHIM App will be enabled, the users will be able to make small-value transactions in a near-offline mode. The launch of the UPI Lite will reduce 

UPI Lite will reduce the debit load on the core banking system, thereby improving the success rate of transactions further, enhancing the user experience, and taking us one step closer to processing a billion transactions a day on the UPI platform.

Upper/total limit on UPI Lite

The upper limit of a UPI Lite payment transaction will be 200. The total limit of the UPI Lite digital payment mode on the wallet on a device would be 2,000 at any point in time.

Customers of these eight banks would be able to use UPI Lite digital payment system. These are Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India (SBI), Union Bank of India and Utkarsh Small Finance Bank.

RuPay Credit Card on UPI and Bharat BillPay Cross-Border Bill Payments were also launched that are likely to make bill payments easier for people residing out of India but also maintaining a house in India.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Chanchal
Chanchal is a chief content producer at LiveMint. Chanchal is obsessed with Google incognito. She likes writing, politics, Oxford comma, Eddie Vedder, and a good keyboard. Follow her @chanchaltracks. If you have a story idea, send her a mail at chanchal@htdigital.in
Catch all the Industry News, Banking News and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 20 Sep 2022, 08:19 PM IST
Next Story footLogo
Recommended For You
Banking Stocks
₹1,085.4-0.55%
₹1,422.25-0.12%
₹1,054.250.58%
₹124.85-1.16%
₹759-1.23%
Switch to the Mint app for fast and personalized news - Get App