Due to its simplicity and convenience, UPI is one of the most popular payment methods in India. For their daily purchases, millions of people rely on the digital payment method. Even though UPI payments typically take a few seconds, having slow internet connectivity can make the process extremely stressful. Even though it takes longer, UPI payments can also be made offline.
The Reserve Bank of India (RBI) launched UPI Lite, a feature that enables users to conduct near-offline UPI transactions up to Rs 200 from a UPI app without requiring a PIN because approximately 75% of all retail transactions in India (including cash transactions) have a transaction value of less than Rs 100.
Although the RBI announced the feature last year, none of the major UPI apps have it available. However, Paytm Payments Bank users can now use the feature.
Users of Paytm can now access UPI Lite directly from the app. “Once loaded, a UPI Lite wallet allows a user to do instant transactions of up to Rs 200, making the entire experience quick and seamless. A maximum of Rs 2,000 can be added twice in a day to UPI Lite, making the cumulative daily usage up to Rs 4,000,” it stated in a statement. The payments made through UPI Lite won’t appear in the bank passbook; instead, they will only be viewable in the Paytm balance and history section.
Only when utilising UPI AutoPay that has been registered by the User in online mode with AFA or in combination with additional factor authentication (AFA) in online mode will replenishment of money in UPI Lite be permitted. Only debits from the UPI Lite balance are currently allowed, and all credits to UPI Lite (including refunds and other credits) will be processed online in the user’s bank account kept in the bank’s core banking system.
