In a move to cater to the needs of users making low-value transactions, popular payment gateways like Google Pay, PhonePe, and Paytm have introduced UPI Lite. This simplified version of the Unified Payments Interface (UPI) is designed for hassle-free, small transactions, offering a daily transaction limit of Rs 200 per transaction.
Setting Up UPI Lite
To get started with UPI Lite, users need to follow a few simple steps
On Google Pay:
- Open the Google Pay app.
- Tap on your profile picture in the top right corner.
- Select "Pay Pin Free UPI Lite."
- Follow the on-screen instructions to add money to your UPI Lite balance (up to Rs 2,000).
- Choose an eligible bank account that supports UPI Lite.
- Once you've added money to your UPI Lite balance, you can make payments of up to Rs 200 without entering your UPI PIN.
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On PhonePe:
- Open the PhonePe app.
- Tap "UPI Lite" on the app's home screen or find it under the Payment Methods section in your profile.
- Follow the on-screen instructions to add money to your UPI Lite balance (up to Rs 2,000).
- Once you've added money, payments of up to Rs 200 can be made without entering your UPI PIN.
On Paytm:
- Open the Paytm app.
- On the Home page, look for and click on 'Introducing UPI Lite.'
- Select a linked bank account that supports Paytm UPI Lite.
- Add money to your UPI Lite.
- After adding money, you can pay recipients by scanning QR codes or using mobile numbers linked with UPI IDs.
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Benefits of UPI Lite
UPI Lite is an excellent choice for individuals who frequently make small payments. It offers flexibility and convenience, allowing users to add up to Rs 2,000 to their UPI Lite account twice a day, with a daily limit of Rs 4,000. Users can also close their UPI Lite account at any time or transfer funds back to their bank account without incurring any fees.
