Business

RBI Introduces UPI-Based Offline Payments

The Reserve Bank of India’s statement on Thursday about the addition of conversational payments and offline capability to UPI Lite signals a watershed moment in India’s economic trajectory.

The central bank increased the UPI lite payment limit from Rs 200 to Rs 500.

According to RBI Governor Shaktikanta Das, it is proposed to (i) enable Conversational Payments on UPI, which will enable users to engage in conversation with AI-powered systems to make payments; (ii) introduce offline payments on UPI using Near Field Communication (NFC) technology through ‘UPI-Lite’ on-device wallet; and (iii) increase the transaction limit for small value digital payments in offline mode. These measures would broaden the reach and use of digital payments in the country.

The roll-out of conversational payments via UPI is an important concept. Users will be able to initiate and authorize transactions using natural language interactions, making the payment process easier and more convenient.

The Reserve Bank of India unanimously opted to leave the repo rate constant at 6.5 percent at its three-day monetary policy committee meeting, as most financial markets expected.

Also read: Explosion In Moscow Factory Leaves 1 Dead, More Than 50 Hurt 

Spriha Rai

Recent Posts

Bharat Express CMD Upendrra Rai Congratulate Devendra Fadnavis Sworning In As Maharashtra Chief Minister

Upendrra Rai, CMD Bharat Express, who expressed admiration for Shri Fadnavis' leadership and conveyed heartfelt…

37 mins ago

Maha Kumbh 2025: Yogi Government’s Strategic Coordination Ensures Timely Preparations

For Maha Kumbh 2025, preparations are in full swing as authorities work to ensure all…

13 hours ago

In Special Gesture, Kuwait’s Prime Minister Sees-Off PM Modi At Airport After Conclusion Of Historic Visit

Prime Minister Narendra Modi wrapped up his two-day visit to Kuwait on Sunday evening. In…

14 hours ago

Maha Kumbh 2025: Shri Panchdashnam Aawahan Akhara Makes Grand Entry Into Maha Kumbh City

Maha Kumbh 2025 with preparations for the Maha Sammelan are in full swing as 13…

15 hours ago

India’s Unifying Initiative: MRM Declares Bhagwat’s Message As The Foundation Of National Unity

The MRM strongly endorsed Rashtriya Swayamsevak Sangh (RSS) chief Mohan Bhagwat’s statement on temple-mosque disputes.…

15 hours ago

Maha Kumbh-2025: Prayagraj Mela Authority Deploys Advanced Sanitation Technology

For Maha Kumbh-2025, the Prayagraj Mela Authority has made extensive preparations to provide a clean…

16 hours ago