Unified Payments Interface (UPI) has unquestionably changed the digital payment environment. With just a phone number or a QR code scan, any user may make a payment at any time and from any location. UPI is becoming more and more popular, thus the NPCI launched additional features and services to make sure the service keeps working smoothly.
UPI Lite was one of the major innovations in the cashless payment system that the RBI had just unveiled. It facilitates everyday small-value transactions and enables payments to be made even when there is no internet connection.
What is UPI Lite?
The National Transfers Corporation of India (NPCI) created UPI Lite, an online wallet that allows users to make small-value transfers without a UPI PIN. A few UPI applications, like BHIM, Google Pay, and Paytm, provide it. Similar to UPI, users can send money using VPAs, bank accounts, cell phones, UPI IDs, and UPI QR codes to complete transactions.
UPI Lite provides a dependable and hassle-free payment option for consumers who make everyday small-amount payments. It is fast and efficient to pay for your groceries, cab trips, or snacks at a restaurant with its straightforward payment method.
How is UPI Lite different from UPI?
UPI Lite is a more basic form of the UPI digital payment system that is intended for smaller payments. It has a daily transaction limit of 4,000 and a transaction value of 500.
UPI is a simple system that enables users to conduct transactions of up to Rs.1 lakh. It is predicated on an electronic wallet system that can store up to Rs, 2,000 in balance at any given moment. With UPI, users must input their PIN each time they transfer money; however, UPI Lite does not need this.
What are the benefits of using UPI Lite?
With UPI Lite, users can log their transactions directly into the UPI app. Users find it easier to keep track of their daily small-value transactions because these transactions are not shown in the bank passbook. Additionally, users can conduct financial transactions using UPI Lite X, the most recent version of UPI Lite, even when they are not online. It is limited to one debit transaction and ten credit transactions each day, though.
How can I create an account using UPI Lite?
- Step 1: To activate the UPI Lite function, a new user can download a UPI app, such as Google Pay or Paytm, and link the bank account.
- Step 2: On the UPI app, choose the “activate UPI Lite” option. Accept every term and condition.
- Step 3: Add money to your UPI Lite wallet by entering the desired amount, up to a maximum of 2,000.
- Step 4: To complete the money transfer to your UPI Lite wallet, enter your MPIN at the end.
Users can pay with every transaction worth Rs. 500 once the amount is added up without adding their UPI PIN. The recipient’s mobile phone number or QR codes can be used to complete the transaction.
The procedures listed above can be used by users to top off their UPI Lite balance. Paying using UPI Lite is supposed to be quick and safe. It maintains the UPI quality standards and guarantees a smooth and trouble-free experience for consumers.
