UPI LITE account doesn’t contain any KYC authentication. (Representative picture)
PhonePe customers can immediately activate the characteristic
Digital funds platform PhonePe on Wednesday introduced that it has gone stay with the UPI LITE characteristic on its app. It is supported by all main banks and is accepted in any respect UPI retailers and QRs throughout the nation. The characteristic operates by way of an ‘on-device’ stability that facilitates a lot quicker real-time cost options for low-value transactions similar to groceries, transit, even throughout the busiest time slots.
Benefits for PhonePe Users
UPI LITE characteristic permits customers to provoke low-value funds below Rs. 200, with a single faucet from their UPI LITE account with out coming into a PIN. The transaction is processed immediately by debiting the on-device UPI LITE stability with out involving the purchasers’ banks’ (remitter financial institution) core banking programs in real-time. This makes transactions extra seamless and even quicker than the common UPI transactions whereas additionally growing the success likelihood of the transaction.
How to activate PhonePe UPI LITE characteristic?
PhonePe customers can immediately activate the characteristic on their PhonePe app by way of a easy course of that doesn’t contain any KYC authentication and create a UPI LITE account. Users can load as much as Rs. 2000 of their LITE account and make transactions of as much as Rs. 200 or much less in a single go.
To verify the transaction historical past, customers will obtain a every day SMS containing the historical past of UPI LITE transactions carried out throughout the day from their financial institution. This additionally leads to decluttering financial institution statements/passbooks with small-value transactions, because the transactions would solely be seen within the LITE account and never within the financial institution assertion.
Rahul Chari, co-founder and chief expertise officer, PhonePe, stated, “UPI LITE is a core a part of the UPI stack providing, with a imaginative and prescient to boost the customers’ digital funds expertise for frequent and low-ticket dimension spends. Small-ticket transactions make up a big quantity of the general UPI funds, and UPI LITE will make them faster and handy, with out placing a pressure on the present 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,” Chari added.
Here’s how PhonePe customers can activate UPI Lite on the PhonePe app:
- Open the PhonePe app
- On the house display of the app, customers will get the choice to allow UPI LITE
- User enters the quantity so as to add it in UPI LITE and selects the checking account
- User enters UPI Pin and the UPI Lite account is enabled efficiently.
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