Unified Payments Interface (UPI) is regarded as a powerful method for making low ticket payments more quickly and easily. Governor of the Reserve Bank of India (RBI), Shaktikanta Das, debuted the service on Tuesday. Users will be able to send small-value payments in real-time up to Rs 200 with the help of the on-device wallet feature known as UPI Lite. Users won’t need to enter their UPI PIN in order to complete transactions.
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Importance of UPI Lite:
- It’s likely that UPI Lite will reduce the load on the banking system.
- There will probably be fewer failed transactions.
- It is anticipated that the transaction cost will decrease.
- The transaction information won’t appear in your bank accounts or passbook.
- Bank Passbook won’t include information on routine small expenses.
- Transactions on UPI Lite will be possible even without the internet.
- UPI transactions will allow transactions up to Rs. 200
- No pin will be required to execute the transaction.
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