This payment system developed by the National Payments Corporation of India (NPCI) UPI is a platform that combines various banking services and features under one umbrella and brings all these features under one platform. In order to send and receive money, you only need your UPI ID and PIN. Mobile numbers or virtual payment addresses (UPI IDs) can be used to make real-time bank-to-bank payments.
To take this payments system one step ahead yesterday RBI Governor Shaktikanta Das launched UPI Lite to make low-value Unified Payments Interface (UPI) payments faster and easier. In this article, we are gonna talk about UPI Lite Review.
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UPI Lite Review
What is UPI Lite?
In short UPI life balance is a virtual ‘on-device’ balance. It’s Kinda similar to a Paytm wallet or phone wallet. Like these wallets, customers will have to add funds from their bank accounts to the wallet on the app to use UPI Lite. However, what’s the best part about this system is that unlike any other e-wallets the users do not require the Internet for real-time payment in the case of UPI Lite.
What is the transaction limit on UPI Lite?
UPI Lite was launched targeting hassle-free transactions of small amounts. The Upper limit for UPI Lite is set at Rs 200 and also users don’t need to put a pin for transactions. Furthermore, User and can add up to Rs2000 to their on-device wallet also as per the press release there’s wont be any limit for maximum transactions means you can perform unlimited transactions per day.
How to Transfer Money Through UPI Lite?
The process of paying the merchant via a QR Code or to the receiver using a UPI ID or phone number remains the same. When a user enters a transfer amount less than Rs. 200, the UPI App will prompt them to send using UPI LITE, i.e., local wallet. You can add funds to this wallet with your primary savings account for free
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Who can use UPI Lite now?
Currently, the UPI lite feature is only available in the BHIM app only and it is supported by 8 major banks including Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India etc.
How To enable UPI Lite?
To Enable UPI lite you have to follow these simple steps
- First of all download the BHIM UPI app from the play store or the app store
- Then open the app and log in or sign up using your bank account linked number
- After that, On the home page of the BHIM UPI app you find the UPI Lite option, click on ‘Enable Now.
- Then agree on the T&C and again click on enable now.
- Done UPI Lite is successfully activated, now you can add money and enjoy this feature.
How UPI Lite will be beneficial?
UPI has become the world’s most successful real-time money-transferring ecosystem. Currently in India vast majority of people use UPI for money transferring a single penny to a huge amount, for example, paying for snacks at the local vendor to buying a product worth 1 lakh.
All these transactions clutter your passbook resulting, in UPI surely almost removing these issues so that users can pay vendors daily without worrying about manually entering such transactions into their passbooks each day.
Furthermore, UPI Lite is an ‘on-device’ wallet, unlike UPI, which directly accesses your bank account to send or receive money. Therefore, you’ll have to add funds to your wallet in order to send money instantly without an internet connection.
Is UPI Lite Completely Offline?
In short UPI Lite isn’t completely offline as of now. Since senders should keep in mind that the money cannot be credited to recipients who are offline or in a no-internet zone. A person will receive money when an internet connection is active. According to NPC, UPI Lite will be made completely offline in the future.