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

1. Users will be able to send and receive money using UPI LITE X when completely offline.
2. Anyone with a compatible device that supports near-field communication can access UPI LITE X.
3. These payments process more quickly than other payment methods since they take less time to complete.
4. When using UPI or UPI LITE, the recipient does not need to be physically present to accept funds.
5. However, in order to use UPI LITE X, the sender and recipient must be in close proximity to one another.
6. Money is sent from a bank account while using UPI, and from a wallet when using UPI LITE.
7. NFC would be used between the sender’s on-device wallet and the recipient’s wallet for UPI LITE X.
8. the UPI lite x maximum limit is Rs 500 for a single time & Rs 4,000 for a single day.
9. During the fest, a few other UPI features were also released.
10. Tap & pay, credit line on UPI, BILLPAY connect, and other features were announced for UPI.