Benefits of UPI Lite for Customers include reduction in transaction time, a ready to access bank statement, higher payment success rate and enhanced security
FinTech BizNews Service
Mumbai, November 15, 2023: Federal Bank, a pioneer in banking innovation, launches UPI Lite, that will power small-value digital transactions in India.
NPCI introduced UPI Lite—a simplified version of the Unified Payments Interface (UPI) system to cater to the growing demand for faster and more efficient small-value payments. Benefits of UPI Lite for Customers include reduction in transaction time, a ready to access bank statement, higher payment success rate and enhanced security. UPI lite account can be created within the existing UPI app without downloading a new app.
Shalini Warrier, Executive Director, Federal Bank said, “UPI has been at the centre of India’s digital revolution and the addition of UPI Lite to this ecosystem provides customers a faster, more efficient and cost-effective alternative to cash transactions. We at Federal Bank are proud to be at the forefront of implementing UPI Lite and provide customers with greater digital convenience.”
UPI Lite is an 'on-device wallet' feature integrated into existing UPI apps. It enables users to make real-time small-value payments without the need for a UPI PIN. By facilitating direct transactions between the user's mobile device and NPCI, UPI Lite alleviates stress on the core banking system.
Activating UPI Lite is seamless. Users can enable the UPI Lite feature in their existing UPI app that supports Lite functionality. The process involves logging in, accepting terms and conditions, specifying the amount, selecting the linked bank account, and confirming the request with their UPI PIN.
Transaction Limits in UPI Lite:
With its simplified interface, compatibility, and robust security measures, UPI Lite is set to enhance the digital payment experience. Customers can create Lite accounts using the UPI Lite feature in the BHIM, PhonePE, Google Pay and Paytm linked to their Federal Bank accounts.
