Half of the UPI transactions amount to less than INR 200.
UPI LITE made instant transactions up to Rs 200 without using a PIN through a wallet linked to a bank account.
UPI LITE, a new feature introduced by the National Payments Corporation of India, aims to enhance the convenience of small UPI transactions. This feature allows users to make payments with just a single click, eliminating the need for multiple steps. UPI, launched by the Reserve Bank of India in September 2022, has gained significant popularity since its inception, and the BHIM app has been facilitating UPI transactions since the end of September last year.
In UPI LITE, users have the option to utilise an on-device wallet instead of linking a bank account. Once activated, the UPI LITE wallet enables instant transactions of up to INR 200 for hassle-free low-value transactions.
As per the NPCI circular issued in May 2022, approximately half of all UPI transactions are less than INR 200, making UPI LITE a highly beneficial feature for a large number of customers. The UPI wallet allows users to add up to INR 4000 for daily transactions. With UPI LITE, customers can make quick and easy payments with a single click, eliminating the requirement to enter a four- or six-digit PIN.
To set up and use UPI LITE:
Open the Google Play application on your device.
Click on the profile button located in the top left corner of the screen.
Select “UPI and Payments Settings” and click on “UPI LITE” under the “Other Settings” option.
Choose a bank account that supports UPI LITE.
Enter the desired amount in your UPI LITE account and click “Add Money” to initiate UPI LITE.
Provide an MPIN PIN to authenticate your UPI LITE account.
Once these steps are completed, your UPI LITE account is fully set up, and you can easily make payments with a single click, without the need for any PIN entry.
It is to be understood that Google Pay allows only one account to be enabled for UPI LITE. Additionally, top-up transactions made through UPI LITE will not be displayed in your account’s passbook statement. However, the issuing bank will send an SMS notification for all transactions conducted via UPI LITE.
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