New feature of UPI Lite : National Payments Corporation of India (NPCI) has launched a new feature. Small transactions will now become simpler through the UPI Lite feature. Through this new feature, users can make transactions up to Rs 500 without any PIN. Transactions will be faster using UPI Lite.
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Payment without PIN
The main advantage of UPI Lite is that users can complete the payment process of up to Rs 500 without entering the PIN. This process bypasses the bank's core system, which makes the transaction faster. You can add a maximum of Rs 2000 to your UPI Lite wallet.
To use UPI Lite, simply add money from your bank account to your UPI Lite wallet and use that pre-loaded amount to make payments. Many popular UPI applications like Google Pay, PhonePe, Paytm, and BHIM support UPI Lite for their customers.
An auto top-up feature has been added to UPI Lite. This feature is activated when the user's balance goes below a pre-defined limit. This ensures that users never run out of balance while making small transactions.
Users have full control over their auto top-up mandate. They can cancel it at any time. Also, there is a limit of maximum 5 auto top-up transactions per day, which helps maintain control over spending.
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