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Paytm, PhonePe to introduce UPI Lite soon for smaller e-payments

The National Payments Corporation of India (NPCI) released UPI Lite to simplify small ticket transactions up to Rs. 200, last year. Now, UPI Lite will be made available on Paytm and PhonePe's applications soon.

Edited By: India TV Tech Desk New Delhi Published on: February 06, 2023 18:39 IST
Paytm, PhonePe to introduce UPI Lite soon for smaller
Image Source : FREEPIK Paytm, PhonePe to introduce UPI Lite soon for smaller e-payments

The Unified Payments Interface (UPI) Lite is soon to be made available on Paytm and PhonePe's mobile apps. The National Payments Corporation of India (NPCI) launched UPI Lite last year to simplify low-ticket transactions up to Rs. 200. It is an on-device wallet function that enables UPI PIN payments.

A source familiar with the situation told the media that Paytm is anticipated to launch its UPI Lite product on its application within a month, and PhonePe is likely to activate the service after Paytm, which is now closest to being live. PhonePe is the main UPI payment provider in India. It recorded 3.67 billion UPI transactions totalling Rs. 6.39 trillion in December. It is followed by Paytm and Google Pay.

Speaking about UPI Lite, users must deposit money into their UPI Lite wallets from their bank accounts in order to make payments. Users won't need the internet to conduct a real-time payment because this wallet is on-device.

The most UPI Lite balance that can ever be kept in an on-device wallet is Rs 2,000. A single transaction can cost no more than Rs 200.

During the early stages of its adoption, UPI Lite will operate nearly entirely offline. This means that while credit payments will be placed into the account with an internet connection, debit payments can be made without one. Debit and credit payments can now be completed online; however, UPI Lite is anticipated to go offline in the future.

FAQs

When was UPI Lite launched?

To speed up and simplify low-value UPI payments, RBI Governor Shaktikanta Das introduced UPI Lite in September last year.

Do users need to enter a UPI pin on UPI Lite?

There is no need to enter the UPI pin on UPI Lite for making payments.

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