UPI is a great option for daily online transactions. Be it shopping or sending money to someone, such tasks can be accomplished in a jiffy with UPI.
At the same time, if you do more daily transactions of less amount, then UPI Lite can prove to be the best option for you. National Payments Corporation of India i.e. NPCI launched UPI Lite in September 2022. This is a streamlined version of UPI, which offers very customer friendly service for daily transactions less than Rs 500. Currently PhonePe, Paytm and Google Pay support UPI Lite.
No PIN is required for the transaction
Transactions done using UPI Lite do not require a PIN. This makes online payments very convenient. The biggest feature of UPI Lite is that it does not save the transaction history. In normal UPI, small transactions are also saved along with large amounts.
In such a situation, when needed, one has to scroll a lot to search for the required transaction. Apart from this, its transactions also appear in the bank statement. On the other hand, UPI Lite works on the prepaid model.
You can add up to 4 thousand rupees in a day
In this, the user gets the facility to add up to Rs 4,000 in a day from the bank account to the UPI Lite account. After this, the user can make daily payments ranging from Rs 500 to a total of Rs 4,000 from this app. Transactions made through UPI Lite are not visible in the user's bank statement.
In the bank statement, you will only see the amount initially added to the UPI Lite account. If you want, you can track UPI Lite transactions in digital payment apps and in the SMS received when the amount is deducted.
