What is UPI Lite? Know its top benefits for users, banks

Unified Payments Interface (UPI) is being seen as a potent way to make low ticket payments faster and in a simpler way. The service was launched by Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday. UPI Lite is an on-device wallet feature that will allow users to make real-time small-value payments not exceeding Rs 200. The users will be able to make transactions without having the need to use UPI PIN.

Why is UPI Lite important?      

-     UPI Lite is likely to reduce the burden on the banking system.

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-    The number of failed transactions will likely get reduced.

-     The transaction settlement cost is expected to come down 

-    The transaction details will not be reflected in bank accounts and passbook

-     Bank Passbook / The statement will not have details of day-to-day small expenses.

-     In all UPI transactions, over 50 per cent transactions are low ticket and less than Rs 200.

-     UPI transaction will be possible even without internet.

-     It will be possible to put up to Rs 2000 into the UPI Wallet.

-     UPI Lite will allow transactions up to Rs 200.

-     No pin will be required to execute transactions.

-     If the ticket size of transaction is lower than Rs 200, the transaction will have to be done through UPI Lite

-     There will be no charges on it and all banks will offer the facility

-     With UPI Lite, the transaction could be made on another mobile number, through QR code or two another UPI Id.