Google Pay launches UPI Lite to boost small-value transactions
On Thursday, Google Pay rolled out UPI LITE on its platform to enable users to make fast and one-click UPI transactions without needing to enter the UPI PIN.
The company said in a statement, “The LITE account is linked to the user’s bank account but does not rely real-time on the issuing bank’s core banking system. The UPI LITE account can be loaded with up to Rs.2,000 twice a day and allows users to do instant UPI transactions 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.
How to activate
Google Pay app users can go to their profile page and tap on activate UPI LITE. On completion of the linking process, users will be able to add funds up to Rs.2,000 to their UPI LITE account, with the maximum per day limit being 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.
To complete the transaction, users need to tap on “Pay PIN-Free”.
The UPI LITE feature was launched by the Reserve Bank of India in September 2022 to ease the UPI transaction process and is enabled by the National Payments Corporation of India (NPCI).
Fifteen banks support UPI LITE to date, with more banks to follow in upcoming months.
[With Inputs from IANS]
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