In conjunction with the Global Fintech Fest 2023, RBI released UPI Lite X. Users will now be able to send and receive money when fully offline thanks to the new platform. Anyone with a suitable device that supports near-field communication can use UPI Lite X. They process more quickly than other methods, and payments are made more quickly. The Reserve Bank of India (RBI) Governor recently revealed a new feature called UPI Lite X in an effort to improve the ease of UPI payments. Users may easily do offline money transfers with the help of this service. This most recent UPI invention was presented by RBI Governor Shaktikanta Das at the Global Fintech Fest in 2023. Users can transfer money between bank accounts via the real-time payment system known as UPI. It is constructed over the infrastructure of the Immediate Payment Service (IMPS). The most that may be sent from a bank account in a single day is Rs 2 Lakhs. The NPCI Common Library (CL) software is used by UPI Lite, a payment solution, to handle low-value transactions. The transaction value is currently restricted to less than Rs 500.
10 Points Of UPI Lite X Explained
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