Tuesday, July 16, 2024
Outlook India
Outlook Business

PhonePe Goes Live With UPI LITE

UPI Lite will enable faster and seamless transactions for low-value amounts of Rs 200 or less in a secure manner

PhonePe Goes Live With UPI LITE
POSTED ON May 03, 2023 5:34 PM

PhonePe announced that it has gone live with the UPI LITE feature on its app. The feature allows users to initiate low-value payments under Rs 200, with a single tap from their UPI LITE account without entering a PIN. The transaction is processed directly by debiting the on-device UPI LITE balance without involving the customers’ banks’ (remitter bank) core banking systems in real time. This reportedly makes transactions more seamless and even faster than regular UPI transactions while also increasing the success probability of the transaction.

UPI LITE on PhonePe is supported by all major banks and is accepted at all UPI merchants and QRs across the country. The feature operates through an ‘on-device’ balance that facilitates much faster real-time payment solutions for low-value transactions such as groceries, transit, even during the busiest time slots.

Users can instantly activate the feature on their PhonePe app through a simple process that doesn’t involve any KYC authentication and create a UPI LITE account. Users can load up to Rs 2000 in their LITE account and make transactions of up to Rs 200 or less in one go. To check the transaction history, users will receive a daily SMS containing the history of UPI LITE transactions carried out during the day from their bank. This also results in decluttering bank statements/passbooks with small-value transactions, as the transactions would only be visible in the LITE account and not in the bank statement.

“UPI LITE is a core part of the UPI stack offering, with a vision to enhance the users’ digital payments experience for frequent and low-ticket size spends. Small-ticket transactions make up a significant volume of the overall UPI payments, and UPI LITE will make them quicker and convenient, without putting a strain on the existing UPI infrastructure. UPI Lite also paves the way to introduce use cases that need payment execution without network connectivity making it one of the most exciting launches from NPCI in recent times. This is a crucial step towards increasing the adoption of digital payments for users across India, further strengthening a cashless economy. We are optimistic that India will embrace the feature for faster and hassle-free low- value payments,” said Rahul Chari, co-founder, and chief technology officer at PhonePe. 

  • Related Articles

    More than 25 companies participated in the event, which consisted of multiple sessions conducted by CarDekho Group’s C-suite executives and other industry leaders

    CarDekho CEO Amit Jain hosts Girnar Elevate Summit’23  To empower Emerging Entrepreneurs

    Bonatra has plans to introduce newer IoMT devices including a smart ring in the Indian market to further strengthen its solutions which are a convergence of medical science, data science and...

    Healthtech Start-up Bonatra Acquires Women’s Health and Wellness Start-up MyAva

    Ohm Mobility intends to use the funds to build out their team and develop their technology platform and proprietary risk management tool

    EV Financing Platform Ohm Mobility Raises Rs 3 Crore Pre-Seed Funding