NPCI designed “UPI Lite – On-Device wallet” functionality for UPI user

National Payments Corporation of India (NPCI) designed the “UPI Lite – On-Device wallet” (“UPI Lite”) functionality for UPI users for small value transactions. About 75% of the total volume of retail transactions (including cash) in India are below Rs 100 transaction value. Further, 50% of the total UPI transactions are having a transaction value of up to Rs 200/-. To easily process such small value transactions, NPCI has launched this facility of  “UPI Lite”.

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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.
• The upper limit of a UPI Lite payment transaction shall be Rs. 200. The total limit of UPI Lite balance for an “On-device wallet” shall be Rs. 2,000 at any point of time.
• Replenishment of funds in UPI Lite shall only be allowed in online mode with additional factor authentication (AFA) or using UPI AutoPay which has been registered by the User in online mode with AFA.

Important takeaways for all competitive exams:

• NPCI Founded: 2008;
• NPCI Headquarters: Mumbai, Maharashtra;
• NPCI MD & CEO: Dilip Asbe.

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