Next Generation Payment Solution for India : UPI Lite Xwww.deekpay.com

UPI Lite X has changedDigital payments in IndiaThe new feature uses NFC technology to allow users to make and receive payments without having to connect to the Internet. The new feature uses NFC technology to allow users to make and receive payments without the need for an internet connection.

What is UPI Lite X?

UPI Lite X isReserve Bank of IndiaA ground-breaking and innovative feature launched by Bank Governor Shaktikanta Das at the Global Fintech Festival 2023, it wasUPIAn enhanced version of the system allows users to send and receive payments even if they do not have Internet service.

Aimed at specific areas with poor connectivity, UPI Lite X is a "device wallet" designed to increase the ease and comfort of payment for consumers.

UPI Lite X is unique in that it uses Near Field Communication (NFC) technology to transfer money between device wallets, eliminating the need for Internet access. UPI Lite X should be enabled offline for both the payer and payee during payment.

Existing limitations and UPI Lite The same, i.e., $2,000 wallet balance and $500 per transaction. However, the total number of transactions is limited to 1 debit and 10 credit offline transactions. If the user has completed a payment in offline mode, he/she will need to be connected to the Internet within 4 days to receive the funds.

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It is important to note that UPI Lite X transactions (except top-ups) will not appear on the user's account statement or passbook. The user will receive an SMS from the issuing bank with the transaction details and available balance. In case of offline transactions, the user will receive the details only when he reconnects to the internet.

UPI Lite X Features and Benefits

offline trading It supports money transfers without an internet connection and is ideal for areas with poor or no connectivity. To conduct UPI Lite X Offline transactions, both the payer and the recipient need to have UPI Lite X Offline enabled on their devices. Near Field Communication (NFC) Technology Ensure seamless, secure transactions between devices, minimise the risk of interruptions or payment failures, and simplify the process of sending and receiving funds. Device Wallet Store funds locally on the user's device and ensure quick access without relying on the web.

Simple user interface

The easy-to-use design simplifies the online transaction process for users and promotes wider accessibility for both urban and rural users. Low battery consumption Optimised for minimal battery usage, further ensuring device longevity and accessibility during online transactions.

Requirements for access to UPI LITE X

Both the sender's and receiver's devices need to be nearby. UPI Lite X can be accessed by anyone with a compatible device that supports Near Field Communication (NFC). Keep in mind that the payment will not be made in a bank account, but rather in the device wallet, using NFC to transfer money from the sender to the recipient's device wallet.

How is UPI LITE X different from UPI and UPI LITE?

FeaturesUPIUPI LiteUPI Lite X Networking RequirementsInternet connection requiredInternet connection requiredSupport for offline transactionsTransaction LimitsMaximum Daily UPI Transfer LimitVaries from bank to bank and usually ranges from Rs. 25,000 to Rs. 10 lakh.Maximum Total Transaction Allowed in a 24 hour period Maximum of Rs. 4,000.Maximum of Rs. 4,000.Maximum of Rs. 4,000.Maximum of Rs. 4,000.Maximum of Rs. 4,000.Total Transaction Allowed in a 24 hour period. Transaction verification requires internet connectivity for OTP or biometric verification. Authentication using locally stored data, no PIN code required. Offline transactions using NFC. Usage Scenarios Everyday Online Payments Urban and Rural Networked Areas No Networked Areas

concluding remarks

UPI Lite X is an innovative feature that allows users to send and receive money even when there is no internet access, thus enabling them to conduct secure and successful transactions even in areas with poor internet connectivity such as rural areas. As such, UPI Lite X marks a transformative leap in digital payments in India and is poised to be the next generation payment solution to drive the cashless economy.

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