PhonePe and Paytm users rejoice! Will be able to make online payment without password

New Delhi. UPI Lite service is being introduced by the National Payment Corporation of India (NPCI), which will make small online payments easier. There are reports that Paytm may launch its UPI Lite service this month. This will make it easier to meet daily expenses. For this, users will not have to enter the PIN password again and again. Along with Paytm, UPI Lite service will also be offered soon by PhonePe. Both of these are India’s leading third party payment platform. Who will not have to enter UPI PIN for payments up to Rs 200 in the coming days.

It will be easy to make UPI payment
Let us tell you that in September last year, the UPI Lite service was launched by Reserve Bank of India (RBI) Governor Shaktikat Das, which is a low-value UPI payment service. It will be much faster and easier than other UPI payments. UPI Lite is an on-device feature that will make it easy to make small payments in real time. There will be debit from your wallet. Also, there will be refund credit in the bank account.

In many previous reports, it was being claimed that you will not need internet for UPI Lite payment. However, the matter of payment without internet has not been mentioned by PhonePe and PayTm.

whose how much transaction
Walmart-owned PhonePe is India’s largest UPI payment platform. The same Google Pay is the second largest UPI payment platform. After this comes the number of Paytm. In December 2022, 367.42 crore UPI transactions worth Rs 6.39 lakh crore were done from PhonePe. During the same period, GPay has done 271.23 crore transactions worth Rs 4.40 lakh crore. While 105.41 crore transactions worth Rs 1.18 lakh crore have taken place from Paytm. There have been 2.55 crore transactions worth Rs 8,400 crore through the BHIM UPI payment platform in December.

Number of small payments is more
If we talk about the total online UPI payment, then the cost of payment of less than Rs 100 is more than 75 percent. In March last year, 50 per cent of the total UPI transactions were of Rs 200 or less.