The UPI LITE account may be loaded with as much as Rs 2,000 twice a day and permits customers to do on the spot UPI transactions as much as Rs 200.
Google Pay on Thursday rolled out UPI LITE on its platform to allow customers to make quick and one-click UPI transactions without having to enter the UPI PIN.
The LITE account is linked to the person’s checking account however doesn’t rely real-time on the issuing financial institution’s core banking system, the corporate stated in an announcement.
The UPI LITE account may be loaded with as much as Rs 2,000 twice a day and permits customers to do on the spot UPI transactions as much as Rs 200.
“Distinctive choices and use circumstances are core to driving additional adoption of digital funds within the nation and with the introduction of UPI LITE on the platform, we goal to simplify small-value transactions by serving to customers entry a handy, compact and superfast funds expertise,” stated Ambarish Kenghe, VP Product Administration from Google.
Google Pay app customers can go to their profile web page and faucet on activate UPI LITE.
On completion of the linking course of, customers will be capable of add funds as much as Rs 2,000 to their UPI LITE account, with the utmost per day restrict being Rs 4,000.
“Topic to UPI Lite stability and for transaction values lower than equal to Rs 200, the UPI LITE account might be chosen by default,” the corporate stated.
To finish the transaction, customers must faucet on “Pay PIN-Free”.
The UPI LITE function was launched by the Reserve financial institution of India in September 2022 to ease the UPI transaction course of and is enabled by Nationwide Funds Company of India (NPCI).
Fifteen banks help UPI LITE thus far, with extra banks to observe in upcoming months.
— IANS
