Finance
Google Pay launched UPI Lite on Thursday, allowing customers to conduct one-click UPI transactions without entering their UPI PIN.
According to the firm, the LITE account is linked to the user’s bank account but does not rely on the issuing bank’s core banking infrastructure in real-time.
The UPI LITE account can be loaded with up to Rs 2,000 twice per day and allows users to conduct instant UPI transactions of up to Rs 200.
“Unique offerings and use cases are core to driving further adoption of digital payments in the country and with the introduction of UPI LITE on the platform, we aim to simplify small-value transactions by helping users access a convenient, compact and superfast payments experience,” said Ambarish Kenghe, VP Product Management from Google.
Users of the Google Pay app can activate UPI LITE by going to their profile page.
After completing the connection process, customers will be able to contribute funds up to Rs 2,000 to their UPI LITE account, with a daily maximum of Rs 4,000.
“Subject to UPI Lite balance and for transaction values less than equal to Rs 200, the UPI LITE account will be selected by default,” the company said.
Users must tap “Pay PIN-Free” to complete the transaction.
The Reserve Bank of India announced the feature in September 2022 to simplify the UPI transaction procedure, and it is enabled by the National Payments Corporation of India (NPCI).
To now, fifteen banks support UPI LITE, with more to follow in the coming months.
Source:OCN
