Federal Bank introduces UPI Lite for small value digital payments
Banking & Finance
Federal Bank has launched UPI (Unified Payment Interface) Lite functionality for small value digital payments for its customers. The Reserve Bank of India (RBI) launched UPI Lite in September 2022, a joint initiative between the central bank and the National Payments Corporation of India (NPCI). Many UPI platforms like BHIM, Paytm, PhonePe and Google Pay have adopted UPI Lite. UPI Lite allows its users to deposit money into their UPI Lite on-device wallet and make small, offline payments to merchants without using a UPI PIN. The UPI LITE experience aims to create a customer-friendly approach to enable low value transactions without using the core banking system (CBS) of the remitter bank in real time while providing adequate risk mitigation. Federal Bank said, " UPI has been at the center of India's digital revolution and the addition of UPI Lite to this ecosystem gives customers a faster, more efficient and cost-effective alternative to cash transactions." You can enable the UPI Lite feature on your existing UPI app that supports Lite functionality.
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