The National Payment Corporation of India (NPCI) launched UPI Lite last year to help with small ticket transactions up to Rs 200.
The Unified Payments Interface (UPI) Lite is set to be released on Paytm and PhonePe’s mobile applications, according to a report by the Economic Times (ET). Within a month, Paytm is anticipated to activate the function.
In order to simplify small ticket transactions up to Rs 200, the National Payment Corporation of India (NPCI) created UPI Lite last year. Payments utilizing the UPI PIN are supported by this on-device wallet function.
“Paytm is set to go live with its UPI Lite product on its app within a month, and PhonePe is expected to enable the service after Paytm, which is now closest to going live,” a person with knowledge of the situation told ET.
The largest UPI payments company in India is PhonePe. 3.67 billion UPI transactions totaling 6.39 trillion rupees were recorded in December. Google Pay and Paytm are next in line.
How will UPI Lite work?
The users must load the UPI Lite wallet with money from their bank accounts in order to make the payment. Users won’t require an internet connection to make a real-time payment because the wallet is on the device. The maximum UPI Lite balance that may ever be stored in an on-device wallet is Rs 2,000.
A single transaction can only cost a maximum of Rs 200.
UPI Lite will conduct transactions in a nearly offline mode throughout phase 1 of its launch. This indicates that while debit payments can be made without an online connection, credit payments will be deposited into the account via an internet connection. To process debit and credit payments without an internet connection, UPI Lite is anticipated to go offline in the future.