Li-Fi (Light Fidelity) is a bidirectional, high speed and fully networked wireless communication technology similar to Wi-Fi. Coined by Prof. Harald Haas, Li-Fi is a subset of optical wireless communications (OWC) and can be a complement to RF communication (Wi-Fi or Cellular network), or a replacement in contexts of data broadcasting.
It is wireless and uses visible light communication or infra-red and near ultraviolet (instead of radio frequency waves) spectrum, part of optical wireless communications technology, which carries much more information, and has been proposed as a solution to the RF-bandwidth limitations. A complete solution includes an industry led standardization process.
Prof Haral Hass on Ted Talk 2012