UPI payment now become the most popular payment medium in the country and the now the Reserve Bank of India (RBI) launched UPI Lite which is meant for feature phones. The new setup will enable offline transactions for a small amount limit. The on-device wallet has also been introduced along with the UPI on RuPay credit cards enabling of Bharat Bill Pay System (BBPS) for cross-border bill payments. So without making any further delay let’s dive into the article to check out the complete details.
The newly announced UPI Lite will enable you to make transaction for a small amount limit in offline mode and the setup will use the on-device wallet to enable small-value transactions up to ₹200.
It is worth mentioning that the initial phase may see debit payments in offline mode and the credit information will be available only when you are online. But the complete transaction will be available in offline mode later.
Having said that, you can able to disable UPI Lite services whenever you want and the on-device wallet will be refunded to your account in real time.
Apart from UPI Lite, the UPI on RuPay credit cards has also been introduced and the same will enable Bharat Bill Pay System (BBPS) for cross-border bill payments. In the initial stage, only Punjab National Bank, Union Bank of India, and Indian Bank will offer the new facility via the Bhim app. It is worth mentioning that the BBPS enabled cross-border bill payments will go live for Federal Bank and UAE’s Lulu Exchange.
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