After Paytm and PhonePe, Google Pay additionally gives the UPI LITE function.
Google Pay in India lastly will get help for UPI LITE , which lets customers make one-click on funds with out getting into their UPI PIN. Here’s how the function works.
Google has launched UPI Lite for Google Pay in India, which permits customers to make one-click on funds with out getting into their UPI PIN.
For these uninitiated, UPI Lite is an RBI and NPCI initiative through which a person’s LITE account is linked to their checking account, but it surely doesn’t use the core banking system to scale back reliance on the issuing financial institution. This implies that UPI Lite has the next success charge even throughout peak transaction hours—when conventional UPI usually goes down as a consequence of elevated load on financial institution servers.
UPI Lite customers can transact as much as Rs 4000 per day. The account will be loaded with as much as Rs 2000 twice a day, and per transaction, customers could make funds as much as Rs 200 utilizing the loaded quantity.
Another benefit of UPI Lite is that it retains your passbook and financial institution statements uncluttered. Often, we discover ourselves coping with financial institution statements which might be stuffed with small transactions, which will be complicated. UPI Lite transactions don’t seem in your financial institution passbook, however the quantity you loaded into your UPI Lite account will probably be proven. So, in case you added Rs 1000—that quantity will present up in your financial institution. However, you’ll be able to nonetheless see the small transactions you made utilizing UPI Lite in your UPI Lite account.
How To Enable UPI Lite On Google Pay
- Google Pay app customers can go to their profile web page and faucet on activate UPI Lite.
- On completion of the linking course of, customers will be capable of add funds as much as INR 2000 to their UPI LITE account, with the utmost per day restrict being Rs 4000.
- Subject to UPI Lite stability and for transaction values lower than equal to Rs 200, the UPI Lite account will probably be chosen by default.
- To full the transaction, customers have to faucet on “Pay PIN-Free.”
Currently, 15 banks help UPI Lite, together with AU small Finance Bank, Axis Bank Ltd, Canara Bank, Central Bank Of India, Federal Bank, HDFC Bank Ltd, ICICI Bank, Indian Bank, Kotak Mahindra Bank, Paytm Payments Bank, Punjab and Sind Bank, Punjab National Bank, State Bank Of India, UCO Bank, Union Bank of India, Utkarsh Small Finance Bank Ltd.
