UPI Lite Allows You to Pay without Pin; Know How To Use, Transaction Limit, Other Features

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UPI Lite allows you to pay without PIN; Know how to use, transaction limit, other features

The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, introduced UPI Lite on September 20, 2022, to streamline and accelerate the processing of low-value Unified Payments Interface (UPI) transactions.

With UPI Lite, users may send and receive instantaneous, low-value payments of up to Rs 200 without entering a UPI PIN, all from within their mobile device’s wallet. All credits to your UPI Lite account, such as refunds, will be transferred directly to your bank account at this time, so you can only make withdrawals from your wallet.

Here Is a Closer Look at The Features of UPI Lite:

What Is UPI Lite?

UPI Lite can be thought of as an “on-device wallet,” for lack of a better term. In order to use UPI Lite, customers must first load the app’s wallet with money from their bank account. Users can make instant purchases even without active data or a Wi-Fi connection because this wallet is stored locally on their devices.

What Is the Transaction Limit on UPI Lite?

Small-dollar transactions are ideal for UPI Lite. According to a press statement from the National Payments Corporation of India, the maximum amount of a UPI Lite transaction is now Rs 200. (NPCI). According to the NPCI website, users do not require a UPI PIN to make a payment via UPI Lite that is less than Rs 200.

According to the official announcement, the maximum value of funds that may be stored in a single UPI Lite wallet on a single device is set at Rs 2,000. Union Bank of India announced in a news release dated September 20, 2022, that users of UPI Lite can conduct an infinite number of transactions per day.

Who Can Use UPI Lite Now?

In accordance with an NPCI announcement, the BHIM app now supports UPI Lite. Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India Union Bank of India, and Utkarsh Small Finance Bank are the eight banks that are currently live with the UPI Lite feature, as announced by NPCI.

Can You Use Upi Lite without The Internet?

Earlier, NPCI stated that the initial rollout of UPI Lite would allow users to make debit (payments) without an Internet connection and account credits would be processed online. In the future, however, NPCI plans to make UPI Lite offline so that users can conduct transactions (both debit and credit) without an internet connection.

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UPI Lite: How To Add Funds?

Keep in mind that, per NPCI guidelines, adding money to your UPI Lite wallet will only be possible while online (i.e., with an active Internet connection) and with additional factor authentication (AFA), or by using UPI AutoPay, which the user must first register for online and with AFA.

According to the NPCI website, if you turn off UPI Lite, any unused funds will be transferred to your bank account.

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Key Points to Remember While Using UPI Lite

Your bank account statement or passbook will not reflect any UPI Lite transactions (other than top-ups). According to NPCI, banks are required to send customers an SMS each day detailing their UPI Lite transaction history from the previous day.

According to the NPCI website, “all complaints pertaining to enabling, top up, or disablement of UPI Lite will be directed to be handled by issuing bank.”

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How Will It Benefit the Users?

For low-value transactions, “UPI Lite will provide users with a convenient solution,” as stated by NPCI. Customers no longer have to risk their own money when using UPI Lite. Union Bank of India said this would benefit their clients because it would ensure almost no failed transactions even during their busiest times.

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