New Delhi. In a world where digital payments are becoming the norm, the United Payments Interface (UPI) has revolutionised the way everyday transactions are conducted. The National Payments Corporation of India (NPCI) launched UPI Lite in September 2022. It is a streamlined version of UPI that enables instant transactions of less than Rs 500 per day. Currently, PhonePe, Paytm and Google Pay support UPI Lite.
The special thing about UPI Lite compared to UPI is that no PIN is required for payments made through UPI Lite. For now, we will tell you about the biggest advantage of UPI Lite. This will make you understand why UPI Lite is not just an option, but a necessity for most users.
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Here are the biggest advantages of UPI Lite:
With the rise of digital payments, many users find their bank statements filled with numerous small transactions. This can make it difficult to track larger, more important expenses or income. UPI Lite, on the other hand, works on a prepaid model.
Users can load up to Rs 2,000 from their bank account to their UPI Lite account. Transactions of up to Rs 500 per day or up to Rs 4,000 in total can then be made directly from this UPI Lite balance. This way, transactions made through UPI Lite do not appear in users’ bank statements. Only the initial loading of money is recorded in the UPI Lite account, making it easier for users to identify large transactions without having to look at many small entries.
However, users will be able to view transaction history in digital payment apps like Paytm and SMS. Recently, the Reserve Bank of India (RBI) announced the introduction of auto-replenishment of UPI Lite wallets under its mandate framework. This means that customers will no longer have to refill their UPI Lite wallets manually.
Tag: Tech News, tech news hindi, UPI Payments
first published : August 4, 2024, 8:02 PM IST
