Google Pay introduces UPI LITE to access small monetary transactions- Check Details
Google Pay, one of the leading Unified Payment Interface (UPI) introduced UPI LITE to allow users to make small monetary payments without using a pin. The portal allows users to create a UPI LITE wallet and add up to Rs 2000. They can pay the amount up to Rs 200 without using a pin for minor transactions. The wallet can be only loaded 2 times a day, which means it has a limitation of up to Rs 4000 per day.
The UPI LITE system was initially introduced by the Reserve Bank of India and the National Payments Corporation of India in September 2022. The new feature is being launched to make transactions faster and at a convenient level. The biggest advantage of this interface is that users will be able to make payments even without using internet data. although, the wallet will need to be loaded up with the help of the internet.
It has been observed that for most payments in the country made under Rs 200, this feature will not show small transaction details in the passbook. The data will only be shown in the Paytm balance and history section. PhonePE, BHIM, and Paytm are the first set of apps to introduce UPI lite payments.
Currently, eight banks have this feature such as Canara Bank, Punjab National Bank, HDFC Bank, Indian Bank, State Bank of India, Union Bank of India, Kotak Mahindra Bank, and Utkarsh Small Finance Bank.