👶 NPCI

History, UPI, UPI Lite, UPI 123Pay,

NPCI

National Payments Corporation of India is an umbrella organization dedicated to encourage retail payments in India through its innovative products.
NPCI has helped the Nation transition and adapt to secure digital payments with products like RuPay, BHIM, UPI, IMPS, BBPS, AePS, *99#, NACH, CTS and NFS.

UPI has transformed India’s financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation
The limit of tax payments through UPI has increased from ₹1 lakh to ₹5 lakh.
UPI is now accepted in following countries:
- Nepal
- Sri Lanka
- Mauritius
- Singapore
- UAE

UPI Lite was introduced as part of the framework issued by RBI for facilitating small value digital payments in offline mode on January 2022.
UPI Lite allows users to store money directly on their devices, simplifying payments and eliminating the need to access a bank server for each transaction.
You have to add balance in your UPI wallet first, then you can make payments without entring the UPI PIN.
Since transactions are offline, they are not recorded in the bank passbook, leaving them uncluttered.
In the long run, they are considered beneficial with less infrastructure load imposed on the remitter bank.
The current UPI Lite wallet limit is ₹5,000, with the per-transaction limit is ₹1,000.

UPI 123Pay is specially designed for 400 million feature phone users in India, enabling them to make digital payments without needing a smartphone or internet connection.
Users can set up UPI 123Pay by dialing *99#, selecting their bank, entering debit card details, and creating a UPI PIN, ensuring secure transactions even without internet access.
The per-transaction limit for UPI123Pay ₹10,000.

Your aadhar number can be linked to many bank accounts.
But you can seed your aadhar with only one bank account to receive the subsidies through “Aadhar Bridge”.
To seed the account, you have to vist the bank branch and the branch staff will make a request on your behalf to NPCI Mapper to seed your account.

References

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- Wikipedia