Reserve Bank of India Governor Shaktikanta Das launched Unified Payments Interface (UPI) Lite on September 20, in a bid to make low-value UPI payments faster.
What is UPI Lite?
It is an on-device wallet feature that will allow users to make small-value payments of up to Rs 200 in real time, without using a UPI PIN. Users will have to add funds from their bank accounts to the UPI Lite wallet. For a real-time payment, users will not need the internet as it is an on-device wallet. At present, only debit from wallet is permitted and all credits to UPI Lite including refunds, will go directly to your bank account.