UPI Lite X EXPLAINED: RBI launched UPI Lite X during the Global Fintech Fest 2023. With the new platform, users will now be able to send and receive money while being completely offline. UPI Lite X is accessible to anyone with compatible device that supports near field communication.
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The payments are faster than other modes as the they require less time to process.
UPI Lite X EXPLAINED: 10 POINTS
1-UPI LITE X WILL ALLOW USERS TO SEND & RECEIVE MONEY WHILE BEING COMPLETELY OFFLINE
2-UPI LITE X IS ACCESSIBLE TO ANYONE WITH COMPATIBLE DEVICE THAT SUPPORTS NEAR FIELD COMMUNICATION
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3-THESE PAYMENTS ARE FASTER THAN OTHER PAYMENT METHODS AS THEY REQUIRE LESS TIME TO PROCESS
4-THE RECIPIENT DOES NOT HAVE TO BE PHYSICALLY PRESENT TO ACCEPT FUNDS WHILE USING UPI OR UPI LITE
5-HOWEVER, WHILE USING UPI LITE X, THE SENDER & THE RECIPIENT HAVE TO BE IN CLOSE PROXIMITY
6-WITH UPI, THE MONEY IS SENT FROM BANK ACCOUNT & WITH UPI LITE, MONEY IS SENT FROM WALLET
7-FOR UPI LITE X IT WOULD TAKE PLACE USING NFC BETWEEN SENDER’S ON-DEVICE WALLET TO RECEIVER’S WALLET
8-THE MAXIMUM LIMIT FOR UPI LITE X IS RS 500 FOR ONE TIME & RS 4,000 FOR ONE DAY
8-A FEW OTHER FEATURES FOR UPI WERE ALSO INTRODUCED DURING THE FEST
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10 -FEATURES LIKE TAP & PAY, CREDIT LINE ON UPI, BILLPAY CONNECT & MORE WERE INTRODUCED FOR UPI
