UPI, better known as Unified Payment Interface, is a nation’s pride with foreign powers continuously eyeing this technology, and always in awe. It recently crossed 10 billion transactions which marks yet another milestone with many more to come.
In another move to make it even easier, the RBI governor has launched a new feature called UPI Lite X which allows users to send and receive money without internet connectivity, or simply “offline”. RBI chief Shaktikanta Das showcased this feature during Global Fintech Fest 2023.
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NPCI also issued a statement, “Building on the success of the UPI LITE feature, the RBI Governor launched UPI LITE X for Offline payments. Through this feature, users can now both send and receive money whilst being completely offline, therefore, allowing users to initiate and execute transactions even in areas with poor connectivity.” The statement clarifies later that it requires NFC to make offline transactions.
What’s UPI Lite X?
UPI Lite X enables users to make transactions even in areas with no connectivity, such as underground stations and remote locations. This could be highly useful to send and receive money at places when the internet goes off and making offline transactions a reality.
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What makes ‘UPI Lite X’ different from UPI, UPI Lite?
UPI Lite X is different from regular UPI and UPI Lite. With regular UPI, you can send money between bank accounts anytime, anywhere. Meanwhile, UPI Lite is for small payments.
But UPI Lite X requires both sender and receiver to be close. It’s like a handshake between two devices, and it works offline using NFC, with no specific transaction limit announced yet. While more details remain under the curtain, NPCI will likely unveil full details soon.
So, the UPI remains the top-tier choice for payment followed by UPI Lite. UPI Lite X will fill focus on remote areas to make payment communications better, in every way.
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