Question

What is the purpose of UPI LITE?

1. UPI LITE is designed for high-value transactions exceeding ₹1000.
2. UPI LITE aims to streamline low-value transactions, specifically those under ₹500.
3. It processes small payments without real-time interaction with the bank's core banking systems.
4. UPI LITE enhances the efficiency and reliability of the overall payment ecosystem for small, frequent transactions.

• A. 2, 3
• B. 3 മാത്രം
• C. 2, 4
• D. 2, 3, 4

Answer 1

Answer:

D. 2, 3, 4

UPI LITE is an innovative feature integrated within the UPI framework, specifically engineered to optimize the processing of low-value transactions, typically below ₹500. This solution cleverly bypasses the need for immediate, real-time communication with a bank's core systems for each small payment. By doing so, UPI LITE significantly reduces the load on bank servers, especially for the frequent, small-value transactions that are common in daily life, like purchasing a small item or paying for local transport. This leads to a more efficient, responsive, and reliable payment experience for users while maintaining a high level of security.