Key Points:
- PhonePe has enabled the UPI Lite feature in the country.
- It will make the payment process faster and convenient.
- You don’t need to enter PIN to complete the transaction.
PhonePe the very popular payments application in the country has introduced a new feature and that will enable users to make transactions without entering PIN and this will make the payment process faster and convenient. The platform has actually introduced the UPI LITE feature on its application and that makes the new set up possible. The feature will enable you to make instant payments of up to Rs 200 from the UPI LITE account with a simple tap.
It is worth mentioning that the UPI LITE was launched last year in the country by the Reserve Bank of India (RBI) and the same is developed by the National Payments Corporation of India (NPCI). Having said that, Paytm unveiled the feature back in February in the country.
The UPI Lite will start the transaction instantly by reducing the UPI LITE balance on the device and the same is not involving with the customer’s bank’s core banking systems (remitter bank). You can activate the feature on the PhonePe app without KYC authentication and the same will allow users to load a maximum of Rs 2,000 and conduct transactions of Rs 200 or less.
It will offer daily SMS to make you update about your transaction history and the SMS will provide information about all UPI LITE transactions carried out during the day.
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