UPI Lite: A payment method that allows you to pay without PIN or internet
The upper limit for payments has been set at Rs 200; wallet balance cannot exceed Rs 2,000 at any point
Reserve Bank of India Governor Shaktikanta Das launched Unified Payments Interface (UPI) Lite on September 20
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.
The total limit of UPI Lite balance for an on-device wallet will be Rs 2,000 at any point in time
The new interface will provide users with a convenient solution for simpler and faster low-value transactions.