NPCI launches on-device wallet feature for UPI users for small transactions

Initially, UPI Lite will process transactions for NPCI wallet in near offline mode i.e., debit offline and credit online.

The National Payments Corporation of India (NPCI) has come out with the 'on-device' wallet feature for Unified Payments Interface (UPI) users, which will be known as “UPI Lite”, for facilitating small ticket transactions. This is aimed at reducing stress on the banking system and making the transaction process even simpler.

In a circular issued to banks, NPCI said, in phase 1, UPI Lite will process transactions in near offline mode i.e., debit offline and credit online, and at a later point, UPI Lite will process transactions in complete offline mode i.e., debit and credit both offline.

"Initially UPI Lite shall