Tech

UPI Lite launches for offline transactions along with UPI on RuPay credit card, BBPS cross-border payments


The Reserve Bank of India (RBI) launched UPI Lite for feature phones on Tuesday, allowing Indian users to enable offline transactions with a small amount limit. The on-device wallet launched by RBI Governor Shaktikanta Das along with the announcement of the UPI on the RuPay credit card enables the Bharat Bill Payment System (BBPS) for cross-border bill payments. Again, the initial launch of UPI Lite in India was announced in March by the National Payments Corporation of India (NPCI). As previously announced, transactions can be allowed in offline mode, while crediting the account may need online connection for the initial stage.

The RBI Governor Shaktikanta Das announced the launch UPI Lite, this will allow users to make online transactions with small amount limit in offline mode. The framework to facilitate small value digital payments in offline mode was introduced in January, while notification about the launch of UPI Lite was done in March.

Users on UPI Lite will be able to use the on-device wallet to make small value transactions up to Rs. 200. However, as NPCI summary Previously, the total balance limit for on-device wallets could be up to Rs. 2,000. It should be noted that UPI Lite will compete fiercely with current online mobile wallets like Paytm and MobiKwik.

As previously announced, the initial stage can see debit payments offline, while crediting to accounts can only be done online. However, all UPI transactions can later go completely offline.

Most importantly, users can decide to turn off the UPI Lite service at any time from their UPI application. In that case, the balance funds in the wallet on the device will be refunded to the user account in real time.

In addition to UPI Lite, the governor also announced UPI on the RuPay credit card and enabled the Bharat Bill Payment System (BBPS) for cross-border bill payments. In the first phase, only Punjab National Bank, Union Bank of India and Bank of India will operate with UPI on RuPay credit card through Bhim app. Meanwhile, BBPS-enabled cross-border bill payments will work for Federal Bank and the UAE’s Lulu Exchange.




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