Good News! Soon UPI payment will be possible without entering PIN, this facility will be available on Paytm and PhonePe
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In today’s time the use of digital payments is increasing in a big way. Now the situation is such that people have started resorting to online payment for an amount like five rupees. In such a situation, now UPI Lite service is being introduced by the National Payment Corporation of India, which will make small online payments easier. Now both these apps will launch UPI Lite service, in which users will be able to make payments without UPI PIN. At this time, applications like Paytm and PhonePe are very popular among people for digital payment. No third party apps have been integrated for UPI Lite. Both Paytm and PhonePe are currently working on this feature.
What is UPI Lite
Let us tell you that UPI Lite is an on-device wallet facility. This is where UPI Lite can be useful for making instant payments. Paytm may be the first app to offer this service, followed by PhonePe. Currently, only debits are allowed from wallets and all credits in UPI Lite, including refunds, go directly to users’ bank accounts. Walmart-owned PhonePe has the largest market share for UPI transactions, Paytm is the third most used application after Google Pay. According to a report, some companies have claimed that UPI Lite is currently in advanced stage. Paytm users will be able to avail this service within a month. After that Phonepe will also be able to launch this service.
Transaction less than Rs 200 will be easy
According to the information received in the matter, another company will also start the service soon so that the young customers can easily pay the low price. However, the payment limit in UPI Lite is only up to Rs 200. NPCI had said a year ago in March that nearly 50 per cent of the payments made through UPI were of less than Rs 200.
The Reserve Bank of India launched the UPI Lite service last year.
Let us tell you that the UPI Lite service was launched by the Reserve Bank of India last year. This allows users to do low cost transactions even without internet or UPI PIN. Payment up to Rs 200 is accepted through the wallet. Integration into third party platforms will further ease such transactions. Nothing has been said about this from both the companies.
How to start UPI Lite
Step 1: User needs to open his UPI app
2: On the home screen of the app, users will get the option to enable UPI LITE. click on option
3: Read and accept the User Terms and Conditions.
Step 4: Enter the amount and select the bank account to be added in UPI Lite.
Step 5: User can enter the UPI PIN.
Step 6: UPI LITE will be enabled successfully
How to transact through UPI LITE
- User has to go to the app
- Select payment option
- Enter the amount.
- Money will be sent successfully without UPI PIN.
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