UPI Lite launched by National Payments Commission of India.

Why in news?

• National Payments Commission of India (NPCI) has launched a new UPI service called UPI Lite.
• The feature will allow to make faster near real-time small value payments without an internet connection via the money added in the wallet.
• Upper limit of a payment: Rs 200.
• According to NPCI, at least 75 per cent of the total volume of retail transactions (including cash) in India are below Rs 100 transaction value.
• Further, 50 per cent of the total UPI transactions are having a transaction value of up to Rs 200. This is why NPCI will only allow offline transactions upto Rs 200.
• Total limit of UPI Lite balance: Rs 2,000.
• With UPI lite, users will have the option to scan any QR code and make the payment without internet.