New Delhi: ‘UPI Lite’ service to send money up to Rs 200 without typing UPI PIN has been launched. Currently, the service is available only on the BHIM app, but soon the service will be available on platforms like Google Pay, PhonePay, and Paytm. NPCI says that there will be an opportunity to send money without internet (offline), but currently the service is not available. May come soon.
In the first phase for account holders of State Bank of India, Union Bank of India, Canara Bank, Indian Bank, HDFC Bank, Kotak Mahindra Bank, Punjab National Bank and Utkarsh Small Finance Bank.
What is UPI Lite?
UPI Lite is a special ‘wallet’ within the UPI app for transactions up to Rs.200. A maximum of Rs 2,000 can be kept at a time. If ‘UPI Lite’ is enabled, all payments below Rs 200 will go through this wallet. They do not need to enter UPI PIN. The transaction is done from a wallet on the phone and is faster.
What is the benefit?
Regular remittances of small amounts through UPI fill bank passbooks and statements. Transactions up to Rs 200 will not be recorded in the bank statement and passbook as they are from the UPI Lite Wallet. Instead there will only be a transaction where money is added to the wallet. Receive daily summary of UPI Lite transactions via SMS.
∙ Open the BHIM app and tap on ‘Enable Now’ next to the UPI light in the top menu.
∙ Read the ‘Disclaimer’ that opens and tick ‘I agree….’ then tap ‘Enable Now’.
∙ Add an amount below Rs.2,000 through the ‘Add Fund’ option on the UPI Lite top-up page. Money will move from the bank account to the wallet.
∙ From now on, if the transaction is up to 200, the money will go from the wallet.
Non-residents also benefit
New Delhi: “Bharat Billpay Cross Board Bill Payment” system has been launched for non-residents abroad to pay their home electricity and phone bills. UAE Lulu Exchange and Federal Bank will be the first to provide the service.
Content Highlight: UPI Lite allows you to pay without PIN