The corporate mentioned that UPI Lite on PhonePe is supported by means of all main banks and is approved in any respect UPI traders and QRs around the nation. Users can turn on the characteristic on their PhonePe app thru a easy procedure that does not contain any KYC authentication and making a UPI Lite account.
“This is a crucial step towards increasing the adoption of digital payments for users across India, further strengthening a cashless economy,” mentioned Rahul Chari, Co-founder, and Chief Technology Officer at PhonePe.
Paytm introduced UPI Lite characteristic on its app in March this yr.
What is UPI Lite?
UPI Lite was once introduced by means of the Reserve Bank of India (RBI) in September remaining yr and the carrier may be managed by means of the National Payments Corporation of India (NPCI).
How does it lend a hand customers?
UPI Lite is aimed toward providing a greater virtual bills enjoy by means of enabling customers to hold out small-value UPI transactions immediately. Users can load as much as Rs 2,000 of their LITE account and make transactions of as much as Rs 200 in a single pass with no need to punch-in their PIN.
The transaction is processed immediately by means of debiting the on-device UPI Lite stability with out involving the purchasers’ banks’ core banking methods. It is beneficial in transactions made for groceries, transit, and others.
Users may even obtain a day-to-day SMS containing the historical past of UPI Lite transactions performed right through the day from their financial institution. This will lend a hand in decluttering financial institution statements/passbooks with small-value transactions. These transactions will best be visual within the LITE account and no longer within the financial institution observation.
How to turn on UPI Lite on PhonePe app:
- Open the PhonePe app
- On the house display screen of the app, customers gets the way to allow UPI LITE
- User enters the volume so as to add it in UPI LITE and selects the checking account
- User enters UPI Pin and the UPI Lite account is enabled effectively.