RBI has launched UPI Lite feature for low value payments. With the help of which we can do transactions up to Rs 200 without entering upi pin. In today's post, we will know in detail what is UPI Lite, how to use UPI Lite, what are its advantages and disadvantages, which banks support this feature, etc.
What is UPI Lite?
UPI Lite is a type of device wallet, with the help of which you can pay up to 200 rupees without upi pin. According to NPCI i.e. National Payments Corporation of India, about fifty percent of the payments are of Rs.200 or less, but even these small payments lead to huge bank statement and at the same time, due to the large number of UPI payments, the server load is very high. The problem also remains, now since upi pin will not be required for payment through upi lite, then in such a situation the bank server will also be able to work properly.
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Key Features of UPI Lite
- 1. One advantage of UPI Lite is that Upi pin will not be required to make payment of Rs.200 or less. This means the payment will now be faster than before.
- 2. Apart from this, you can add up to a maximum of Rs 2000 in your UPI wallet, and this money can be added only through upi payment.
- 3. This feature can be used by all the users provided their bank should support the upi lite feature.
- 4. By using this feature money will go directly to the user's account and not in his upi lite wallet.
- 5. Simultaneously, the history of payments made through UPI Lite will not appear in our bank statement, but only in the history of the app from which you have made the payment.
- 6. Also, you can use this feature only for one bank account in one app, that is, more than one upi lite wallet feature cannot be used in the same app.
- 7. And whenever you want, you can take money from upi lite wallet to bank account without any charges.
What is the difference between UPI Lite and UPI?
The main difference between UPI Lite and UPI is that we need a UPI PIN for making payments using UPI, while using UPI Lite it is not required.
The statement of payments made through UPI will be visible in both the bank account history and the app from which you made the payment, while the history of payments made through UPI Lite will be visible only in the paid app.
And payment through UPI Lite will be done even if there is a problem with the server of that bank, which is a very good thing.
Difference between Paytm Wallet and UPI Lite wallet?
We don't need UPI pin when paying with both wallets, but when paying with Paytm wallet, the money goes to the paytm wallet of the front user, and with Paytm wallet you can pay only to the paytm user, But with upi lite wallet you can make payment to any upi id and bank account.
How to use UPI Lite in Paytm?
- First of all update the Paytm app to the latest version, and then open the Paytm app.
- After this click on balance & history i.e. passbook.
- After this, you will get the upi lite option at the top, next to which activate will be written, you have to click on it.
- After this, a list of those banks will appear in front of you, which support the upi lite feature, if your bank also supports it, then select that bank.
- After that enter the amount you want to add to your upi lite wallet, this step is not mandatory.
List of Banks supporting UPI Lite?
State Bank of India
HDFC Bank
Union Bank of India
Canara Bank
Indian Bank
Central Bank of India
Kotak Mahindra Bank
Punjab National Bank
Utkarsh Small Finance Bank
Is UPI Lite safe?
National Payments Corporation of India (NPCI) launched UPI Lite in September 2022. This is a digital payment service. In this, transactions can be done only up to a limit. Therefore, there is less chance of fraud when transacting through UPI Lite.
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What are the benefits of UPI Lite?
- Transactions can be done without network through UPI Lite X.
- Transactions can be done with UPI Lite X even in areas with low or poor network.
- UPI Lite is an online wallet.
- With UPI Lite, payments can be made on the Google Pay app without a UPI PIN.
- With UPI Lite, a maximum of Rs 500 can be paid in one go.
- With UPI Lite, multiple transactions can be done in a day up to a total of ₹4,000.
- Transactions done through UPI Lite account are deducted from the UPI Lite account and not from the linked bank account.
- With UPI Lite, there is no need for a 4 or 6 digit PIN.
- UPI Lite leverages the NPCI Common Library (CL) application to process low value transactions.
Is UPI Lite free?
Yes, UPI Lite is free. There are no charges for transferring money and closing accounts.
How do I pay with UPI Lite?
Tap on UPI Lite on the home screen of your PhonePe/Paytm/GPay app. Alternatively, tap your profile picture and tap UPI Lite under the Payment Methods section. Next to UPI Lite, tap Add Money. Enter the amount and select the bank account linked to UPI.
Can UPI Lite work without internet?
The light version of UPI is called UPI Lite in which you do not even need internet to transfer money. This is an on device wallet feature where you can transfer small amounts in real time even without internet.
Which apps support UPI Lite feature?
Most of the popular payment apps support upi lite feature, such as PhonePe, Google Pay, Paytm, BHIM UPI etc.
How to disable UPI lite?
It is very easy to disable upi lite, you have been told above how you can enable it, by following the same steps you can disable it again.
Disadvantages of UPI lite?
UPI lite also has some disadvantages such as the transaction limit is very low, it does not require any PIN or OTP. Getting a refund is relatively complicated. And it also increases the risk of fraud.
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