RBI Governor Launches 3 key Gigital Payment Initiatives at Global Fintech Fest 2022

RBI Governor Launches 3 key Gigital Payment Initiatives at Global Fintech Fest 2022: Reserve Bank of India (RBI) Governor Shaktikanta Das, in the presence of Nandan Nilekani, Chairman Infosys and Advisor to NPCI; and Biswamohan Mahapatra, Chairman National Payments Corporation of India (NPCI), on Tuesday launched three key initiatives during the Global Fintech Fest 2022 — RuPay Credit Card on UPI, UPI LITE, and Bharat BillPay Cross-Border Bill Payments.

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Their Usage:

UPI Lite will provide users with a convenient solution for faster and simpler low-value transactions, the National Payments Corp Of India (NPCI) said in a statement. Currently, India has been using the Unified Payments Interface (UPI) for low-value payments with 50 per cent of transactions through UPI below ₹200.

HOW UPI LITE WORK:

Transactions in near-offline mode

Now that UPI Lite on BHIM App will be enabled, the users will be able to make small-value transactions in a near-offline mode. The launch of the UPI Lite will reduce the debit load on the core banking system, thereby improving the success rate of transactions further, enhancing the user experience, and taking us one step closer to processing a billion transactions a day on the UPI platform.

Total limit on UPI Lite:

The upper limit of a payment transaction will be Rs 200 while the total limit of UPI Lite balance for an on-device wallet will be Rs 2,000 at any point in time. Eight banks are live with the feature including Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India Union Bank of India and Utkarsh Small Finance Bank.

Other Benefits:

RuPay Credit Card on UPI and Bharat BillPay Cross-Border Bill Payments were also launched that are likely to make bill payments easier for people residing out of India but also maintaining a house in India.