PhonePay, a digital payment platform, has announced the addition of UPI Lite to its app. According to a statement released by the company, users can now pay less than Rs 200 without entering a PIN using their UPI Lite account with a single touch.
The transaction will be completed by directly debiting the UPI lite balance on the device. This will not require clients to incorporate the Remitter Bank’s core banking system in real time. This transaction can be completed without interruption more rapidly than typical UPI transactions. Additionally, the transaction’s likelihood of accomplishment will increase
PhonePe is the first app to implement UPI Lite
All of the nation’s large institutions support UPI Lite on PhonePay, and all UPI merchants and QR codes accept it. This feature utilizes the ‘on-device’ balance to enable small-scale payments, such as for groceries or travel, that can be completed rapidly in real-time, even during extremely busy times.
Phonpe’s co-founder and chief technology officer, Rahul Chari, stated, “UPI Lite is the main component of UPI, which aims to improve the digital payment experience for users’ small and frequent expenses.” The majority of UPI payments are small transactions, and UPI Lite will make them faster and simpler. This will not exert any pressure on the extant UPI (Infrastructure) structure.
UPI Lite also makes it simpler to initiate payment methods even without a network connection, making it one of the most successful NPCI launches to date. This is a significant step towards the widespread adoption of digital payments in India, which will strengthen the cashless economy in the future. We anticipate that the people of India will accept this quick and simple payment method for small amounts.