Pay now without UPI pins using “UPI Lite”: Verify the benefits, eligibility, and other information
UPI Lite will be enabled in the BHIM App and low-value transactions of up to 200 rupees are possible to complete by using an on-device wallet. Users are able to put the maximum amount of 2000 in their wallet at any point.
If you’re tired of being frustrated with having to put in an UPI pins on your account several times per day to pay for small amounts, UPI Lite might be the answer for you. The governor of the Reserve Bank of Indian, Shaktikanta Das has launched the new service available to citizens dubbed ‘UPI Lite’. It lets users make limited transactions of as low as Rs 200 making use of UPI Pin in a near-offline mode.
This feature will be available in the BHIM App. Low value transactions are possible with an ‘on-device’ wallet. It could be comparable to other wallets on the market. You can store up to Rs 2000 into your wallet in any moment.
What is the process?
The service will be able to use UPI Lite balance which means the virtual balance ‘on-device’ is enabled by the user through the Account in order to conduct transactions with UPI Lite through the BHIM App.
Customers of the eight banks listed below are able to make use of UPI Lite’s payment system: State Bank of India (SBI), Union Bank of India, Utkarsh Small Finance Bank, Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank along with Punjab National Bank.
Advantages and benefits UPI Lite
- Relaxation from having to put UPI Pin over and over.
- UPI transactions will be feasible regardless of Internet.
- UPI Lite will allow transactions that are up to 200 Rs.
Users can deposit the maximum amount that is Rs. 2000 in their UPI money-saving account from any time.
It is possible to enable UPI Lite on one Account only through the app.
What is the reason UPI Lite necessary?
90% of transactions made through UPI have less than 200. The change will lessen the burden of debits on banks and makes UPI more convenient and easy. The amount of transactions that fail will be reduced.
