UPI Lite: What, Why and how

February 15, 2023 at 10:01PM

National Payments Corporation of India (NPCI) has introduced a faster and simpler way to send any amount less than ₹200 without using UPI PIN. UPI Lite will be used to send money up to ₹200 without any buffer in between. 

“UPI LITE means the service provided to you by your Issuing Bank whereby low value transactions can be carried out using an ‘on-device’ wallet; and is a Feature enabled on the BHIM App,” said BHIM UPI on their official website. 

It is an on-device feature which will work through two third-party apps that are Paytm and PhonePe. It is used to transfer small amounts of money up to ₹200 without UPI PIN so that you can send the money faster. 

As 50% of total UPI transactions in India are of ₹200 or less and 75% of retail transactions including cash are either ₹100 or less. So let’s see if this new UPI Lite will be successful or not. 

Here’s how you can enable UPI Lite on your third party apps

Open your third-party UPI app. On the home screen, you can see an UPI Lite option, tap on it. Accept the terms and conditions. Add the amount you want to send through UPI and select the bank. Enter the UPI PN Enjoy UPI Lite.

Here’s how you can make a transaction from UPI Lite

Open the third party app. Choose to pay Enter the amount Money will be send successfully without UPI PIN

 

  

from Mobile Phones News https://ift.tt/fhH3TDR