{"id":9195,"date":"2022-04-22T22:38:00","date_gmt":"2022-04-22T17:08:00","guid":{"rendered":"https:\/\/cashfree.com\/blog\/?p=9195"},"modified":"2023-01-17T12:07:17","modified_gmt":"2023-01-17T06:37:17","slug":"offline-payments-coming-soon-via-upi-lite","status":"publish","type":"post","link":"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/","title":{"rendered":"Policy Radar: Offline payments coming soon via UPI Lite"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #005c31;color:#005c31\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #005c31;color:#005c31\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#UPI_Lite_and_UPI_123Pay\" >UPI Lite and UPI 123Pay&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#UPI_Lite_for_offline_payments\" >UPI Lite for offline payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#UPI_123Pay_for_feature_phone_payments\" >UPI 123Pay for feature phone payments<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#PoS_terminals_QR_codes_to_be_geotagged\" >PoS terminals &amp; QR codes to be geotagged<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#The_Impact\" >The Impact<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#What_more_can_help_us\" >What more can help us<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#PPI_Interoperability_to_come_into_force\" >PPI Interoperability to come into force<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#What_more_can_help_us-2\" >What more can help us<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#Other_notable_updates\" >Other notable updates<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#Reserve_Bank_Innovation_Hub\" >Reserve Bank Innovation Hub<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#SEBI_hikes_UPI_limits_for_investments\" >SEBI hikes UPI limits for investments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#DigiSaathi_RBIs_24%C3%977_helpline\" >DigiSaathi: RBI\u2019s 24&#215;7 helpline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/#NPCI_deadlines_extended_for_UPI_and_IMPS\" >NPCI deadlines extended for UPI and IMPS<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\">In the post-Covid-19 world, there has been a gradual shift towards acceptance and usage of digital payment methods as they are quick, easy, and contactless. As the country\u2019s payments ecosystem evolves, Unified Payment Interface (UPI) has become the most widely used payment method.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To further widen the scope of UPI, multiple steps have been taken by NPCI ever since its launch. Taking another step in the same direction, paving way for wider financial inclusion, the NPCI has decided to bring UPI to feature phones and in areas where there is little or no internet connectivity.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s hop into our latest edition of Policy Radar where we look at the recent policy updates and regulatory changes for the payments industry and how they impact businesses, merchants and end customers. In this edition, we also share our views on the latest norms for PoS terminals, PPI Interoperability deadline and others. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"UPI_Lite_and_UPI_123Pay\"><\/span>UPI Lite and UPI 123Pay&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">UPI has witnessed phenomenal growth since its launch, clocking in a jump of 97.5% last year alone, and 900% since FY 2018-19. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"9206\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/cashfree-payments-upi-growth-story\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Cashfree-Payments-UPI-growth-story.png?fit=1200%2C627&amp;ssl=1\" data-orig-size=\"1200,627\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Cashfree-Payments-UPI-growth-story\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Cashfree-Payments-UPI-growth-story.png?fit=770%2C402&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2022\/04\/Cashfree-Payments-UPI-growth-story-1024x535.png?resize=768%2C401&#038;ssl=1\" alt=\"\" class=\"wp-image-9206\" width=\"768\" height=\"401\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Cashfree-Payments-UPI-growth-story.png?resize=1024%2C535&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Cashfree-Payments-UPI-growth-story.png?resize=300%2C157&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Cashfree-Payments-UPI-growth-story.png?resize=768%2C401&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Cashfree-Payments-UPI-growth-story.png?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">To further push for its adoption, the RBI and NPCI have introduced 2 new features, targeting the next phase of growth (offline payments and feature phone users).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"UPI_Lite_for_offline_payments\"><\/span>UPI Lite for offline payments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">UPI Lite is UPI\u2019s offline payments feature. It is an on-device wallet similar to any other mobile wallet where customers can load up to \u20b9 2,000\/- balance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>UPI Lite will allow customers to make small value UPI payments up to \u20b9 200\/- even offline &amp; without AFA.&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The move is aimed at increasing bank efficiency for exploding UPI volumes, since these transactions will now be processed without utilizing a bank\u2019s core banking system.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is worth noting that 75% of retail transactions in India (including cash) are below \u20b9100, and 50% of all UPI transactions are below \u20b950.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Right now only debit to the UPI Lite balance is permitted offline, i.e., payments you make, credits to the balance (for eg. via refunds) will still be done online.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"UPI_123Pay_for_feature_phone_payments\"><\/span>UPI 123Pay for feature phone payments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">RBI has launched UPI 123Pay to enable India\u2019s 40 crore feature phone users to pay digitally without internet connectivity. This is a crucial step towards financial inclusion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>UPI 123Pay allows feature phone payments via UPI, in 4 different ways:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A UPI-app installed on feature phones<\/li>\n\n\n\n<li>Making payments, paying bills, etc. via missed calls<\/li>\n\n\n\n<li>Internet-free payments by secured calls to IVR numbers<\/li>\n\n\n\n<li>Contactless, offline and proximity-based payments using sound waves<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">It is expected that P2P and P2M money transfers, balance checks, mobile and NETC Fastag recharges, bill payments, LPG gas refill, EMI repayments, etc. will be possible via UPI 123Pay.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As per media reports, more than 37,000 users have already joined 123Pay and 21,833 successful transactions have taken place since its launch in early March.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Earlier, feature phone users could make UPI payments using the shortcode *99# but this was a cumbersome option.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PoS_terminals_QR_codes_to_be_geotagged\"><\/span>PoS terminals &amp; QR codes to be geotagged<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI has released geotagging norms for payment system touchpoints, i.e., all PoS terminals and QR codes. These include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Capturing and sharing geographical coordinates (latitude and longitude details) of all devices that accept payments with the RBI.<\/li>\n\n\n\n<li>The responsibility to comply with the new framework falls onto the banks and non-bank payments players that deploy these acceptance devices.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"770\" height=\"400\" data-attachment-id=\"9209\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/policy-radar-cashfree-payments-yogesh-miglani\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Yogesh-Miglani.png?fit=1200%2C623&amp;ssl=1\" data-orig-size=\"1200,623\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Policy-Radar-Cashfree-Payments-Yogesh-Miglani\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Yogesh-Miglani.png?fit=770%2C400&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Yogesh-Miglani-1024x532.png?resize=770%2C400&#038;ssl=1\" alt=\"\" class=\"wp-image-9209\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Yogesh-Miglani.png?resize=1024%2C532&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Yogesh-Miglani.png?resize=300%2C156&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Yogesh-Miglani.png?resize=768%2C399&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Yogesh-Miglani.png?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Impact\"><\/span><strong>The Impact<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>On Banks and payments industry<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The is a compliance requirement that applies to all payment touch points, be it static QR, dynamic QR, <a href=\"https:\/\/cashfree.com\/blog\/digitizing-pos-payments\/\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">softPoS (app)<\/mark><\/a> or any form of hardware PoS (Android\/ non-Android\/tablet\/mPoS, etc.)<\/li>\n\n\n\n<li>2 files with merchant data (merchant type\/ ID\/address) and payments infrastructure data (terminal type\/ ID\/address) will need to be submitted regularly, as per timelines that will be prescribed.&nbsp;<\/li>\n\n\n\n<li>Nodal officer details were to be provided to the RBI by March 31st, 2022.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>On Businesses and consumers<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No impact on businesses accepting payments or for customers making payments.&nbsp;<\/li>\n\n\n\n<li>Data on merchants to be reported, including merchant type, ID, payment aggregator details, contact details, etc.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_more_can_help_us\"><\/span>What more can help us<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Clarity is needed on how inaccuracy with data will be dealt with, for eg. with static QR codes.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It isn\u2019t clear if location data will be collected while onboarding a merchant or afresh for every single payment made or received. For eg: With softPoS being used for home deliveries, the location data will vary for every payment.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PPI_Interoperability_to_come_into_force\"><\/span>PPI Interoperability to come into force<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI issued new norms on interoperability of mobile wallets and prepaid cards (PPIs), the deadline for which has just passed on March 31st, 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>From 1st April:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>M-wallets will get a UPI handle &#8211; payments can be made to and from a wallet via UPI rails<\/li>\n\n\n\n<li>Prepaid cards will be affiliated with card networks (Mastercard\/ Visa\/ RuPay) and payments can be made via cards&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Interoperability will greatly increase the scope for UPI wallets, for e.g., you will be able to make any UPI handle to UPI handle payment &#8211; from wallet to bank account, bank account to wallet, or wallet to wallet.&nbsp;This applies to all full KYC PPIs.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"770\" height=\"419\" data-attachment-id=\"9215\" data-permalink=\"https:\/\/blogrevamp.cashfree.com\/offline-payments-coming-soon-via-upi-lite\/policy-radar-cashfree-payments-reeju-datta\/\" data-orig-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Reeju-Datta.png?fit=1200%2C653&amp;ssl=1\" data-orig-size=\"1200,653\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Policy-Radar-Cashfree-Payments-Reeju-Datta\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Reeju-Datta.png?fit=770%2C419&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/cashfree.com\/blog\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Reeju-Datta-1024x557.png?resize=770%2C419&#038;ssl=1\" alt=\"\" class=\"wp-image-9215\" srcset=\"https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Reeju-Datta.png?resize=1024%2C557&amp;ssl=1 1024w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Reeju-Datta.png?resize=300%2C163&amp;ssl=1 300w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Reeju-Datta.png?resize=768%2C418&amp;ssl=1 768w, https:\/\/i0.wp.com\/blogrevamp.cashfree.com\/wp-content\/uploads\/2022\/04\/Policy-Radar-Cashfree-Payments-Reeju-Datta.png?w=1200&amp;ssl=1 1200w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_more_can_help_us-2\"><\/span>What more can help us<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As per media reports, the industry is seeking clarity on some aspects like interchange fees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2019, MDR on UPI and RuPay transactions was reduced to zero which, while being a merchant-friendly move, leads to a loss of revenue for players in the field. It is unclear if this rule also applies to wallet payments made via UPI.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Other_notable_updates\"><\/span>Other notable updates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reserve_Bank_Innovation_Hub\"><\/span>Reserve Bank Innovation Hub<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI governor Shaktikanta Das inaugurated RBI\u2019s Innovation Hub (RBIH) in Bangalore on March 24th, providing support to financial innovation via the regulatory sandbox and other means.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">RBIH has been set up to act as a centre for exchanging views and knowledge sharing among stakeholders from the BFSI sector, startup ecosystem, regulators, academia, etc. It plans to start with identifying and mentoring startups with maximum potential.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"SEBI_hikes_UPI_limits_for_investments\"><\/span>SEBI hikes UPI limits for investments<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">SEBI has raised UPI limits allowing investors to block funds for up to \u20b9 5 lakh per application for public issue of securities. Earlier, in December 2021, NPCI had raised UPI limits from \u20b9 2 lakh to \u20b9 5 lakh for investments in the RBI Retail Direct Scheme and UPI-based ASBA IPO application.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"DigiSaathi_RBIs_24%C3%977_helpline\"><\/span>DigiSaathi: RBI\u2019s 24&#215;7 helpline<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The RBI has launched a dedicated 24&#215;7 helpline for digital payments, accessible via a toll-free number, short code, website and chatbots.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Targeting consumer protection, it is currently available in Hindi and English and more interactive options and language choices will be enabled in future.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NPCI_deadlines_extended_for_UPI_and_IMPS\"><\/span>NPCI deadlines extended for UPI and IMPS<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Two NPCI deadlines have been extended until June 30th 2022:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For UPI: Extended for Aadhaar and OTP-based onboarding onto UPI (instead of debit cards alone) &#8211; this opens access to UPI for people who have Aadhaar but don\u2019t have debit cards.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For IMPS: Extended for migrating IMPS systems from the older ISO 8583 to the more flexible XML message specifications &#8211; this aims to improve messaging in the ecosystem to make IMPS more scalable and future-ready.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><em>This edition has been assisted by Urmil Shah and edited by Sunny Lamba.<\/em><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-cyan-bluish-gray-color\"><strong>Bibliography<\/strong><\/mark>:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.npci.org.in\/PDF\/npci\/upi\/circular\/2022\/UPI-OC-138-Introduction-of-On-Device-wallet-UPI-Lite-for-Small-Value-Transactions.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">UPI Lite<\/mark><\/a><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"> | <\/mark><a href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=53385\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">UPI 123Pay<\/mark><\/a><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"> | <\/mark><a href=\"https:\/\/www.rbi.org.in\/Scripts\/NotificationUser.aspx?Id=12260&amp;Mode=0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">PoS Terminals<\/mark><\/a><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"> | <\/mark><a href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_ViewMasDirections.aspx?id=12156\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">PPI Interoperability<\/mark><\/a><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\"> | <\/mark><a href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=53385\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-purple-color\">RBIH | DigiSaathi<\/mark><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the post-Covid-19 world, there has been a gradual shift towards acceptance and usage of digital payment methods as they are quick, easy, and contactless. As the country\u2019s payments ecosystem evolves, Unified Payment Interface (UPI) has become the most widely used payment method.&nbsp; To further widen the scope of UPI, multiple steps have been taken<\/p>\n","protected":false},"author":11,"featured_media":9226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1,1412],"tags":[],"class_list":["post-9195","post","type-post","status-publish","format-standard","has-post-thumbnail","category-all","category-policy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Policy Radar: Offline payments coming soon via UPI Lite<\/title>\n<meta name=\"description\" content=\"Your monthly dose of all policy-related updates for the payments industry. 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