UPI Lite is a new feature that has been added to Google Pay. With this new feature, users are able to make payments of up to Rs 200 without entering their UPI PIN. The Reserve Bank of India introduced a new form of electronic payment known as UPI Lite in the month of September 2022. From their UPI Lite accounts, users can send up to Rs. 200 in a single transaction with only one tap.
Users in India can now make one-click payments using Google Pay thanks to the introduction of UPI Lite by Google, which does not require them to input their UPI PIN. UPI Lite is an effort of the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) that links a user’s LITE account to their bank account without accessing the main banking system in order to reduce reliance on the issuing bank. For those who are uninformed, this information is provided here. This indicates that even during periods of high transaction volume, when conventional UPI commonly has outages due to the significant pressure placed on bank systems, UPI Lite has a higher success rate than its standard counterpart.
Transactions of up to Rs 4000 per day can be made by users of the UPI Lite service. The account can be loaded with a maximum of Rs. 2,000 twice every day, and users are allowed to make payments of up to Rs. 200 using the loaded amount for each transaction.
Another advantage of using UPI Lite is that it helps you maintain order in both your passbook and your bank statements. Bank statements are usually packed with small transactions, which can make it difficult to keep track of everything on the statement. While you will be able to see the money that you deposited into your UPI Lite account, the transactions that you make using UPI Lite will not show up in your bank passbook. As a consequence of this, the sum of Rs. 1000 that you added will be shown in your bank account. However, on your UPI Lite account, you will still be able to view the details of any little transactions that you completed with the help of UPI Lite.
The following is a description of how to activate UPI Lite on Google Pay.
Users of the Google Pay app can enable UPI Lite by going to their profile pages and clicking the appropriate button.
When the connection process is over, users will be able to add up to INR 2000 to their UPI LITE accounts, with a limit of INR 4000 per day for the amount of money that can be added.
The UPI Lite account will be selected on its own for any transactions that have a value of less than Rs 200 and are subject to the UPI Lite balance.
In order for the transaction to be completed, users are required to press the “Pay PIN-Free” button.
UPI Lite is currently supported by a total of 15 financial institutions in India, including the following: 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, and Utkarsh Small Finance Bank Ltd.