In what could give a significant boost to the National Payments Corporation of India’s (NPCI) UPI (Unified Payments Interface) Lite offering, two leading third-party platforms – Paytm and PhonePe – are reportedly in advanced stages of integration to enable the product on their platforms. UPI Lite allows transactions of up to Rs 200 without using a UPI PIN. UPI Lite aims to make low-value UPI payments faster and simpler.
What is UPI Lite
UPI Lite is an on-device wallet feature that allows users to make real-time small-value payments of up to Rs 200 without using a UPI PIN. At present, only debit from wallet is permitted and all credits to UPI Lite, including refunds, go directly to users’ bank accounts. While Walmart-owned PhonePe has the largest market share of UPI transactions, Paytm is a distant third player after Google Pay, also commonly known as GPay.
Why UPI Lite is important
About 75% of the total volume of retail transactions, including cash, in India are below Rs 100 in transaction value. Additionally, 50% of the total UPI transactions are also of value Rs 200 or less, according to an NPCI circular issued in March last year.
What is UPI Lite
UPI Lite is an on-device wallet feature that allows users to make real-time small-value payments of up to Rs 200 without using a UPI PIN. At present, only debit from wallet is permitted and all credits to UPI Lite, including refunds, go directly to users’ bank accounts. While Walmart-owned PhonePe has the largest market share of UPI transactions, Paytm is a distant third player after Google Pay, also commonly known as GPay.
Why UPI Lite is important
About 75% of the total volume of retail transactions, including cash, in India are below Rs 100 in transaction value. Additionally, 50% of the total UPI transactions are also of value Rs 200 or less, according to an NPCI circular issued in March last year.
How to enable UPI Lite
Step 1: User has to open his/her UPI app
Step 2: On the home screen of the app, users will get the option to enable UPI LITE. Click on the option
Step 3: User reads and accepts the terms & conditions
Step 4: User enters the amount to add in UPI LITE and select the Bank account
Step 5: User enters UPI PIN
Step 6: UPI LITE enabled successfully
How to make transactions via UPI Lite
Step 1: User opens the app
Step 2: User chooses to pay.
Step 3: User enters the amount
Step 4: Money Sent Successfully without UPI Pin
Also Watch:
5 features of Windows you should use
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsUpdate is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
