Google’s fee app Google Pay on Thursday launched UPI LITE on its platform to ease small digital transactions.
UPI Lite permits customers to load as much as ₹4,000 in a day for immediate transactions restricted to ₹200 at one go, the search engine large stated.
Designed by the Nationwide Funds Company of India (NPCI), it permits small transactions with out the necessity for coming into their UPI PIN.
Based on the corporate, UPI LITE accounts are linked to consumer’s financial institution accounts however don’t rely real-time on the issuing financial institution’s core banking system, leading to larger fee success charges even throughout peak transaction hours, and a much less cluttered financial institution passbook.
Customers can activate the function by logging into their Google Pay app and accessing their profile web page, after which they have to faucet on “activate UPI LITE.”
Google joins the likes of BHIM, Paytm and PhonePe and 15 banks, together with HDFC Financial institution, ICICI Financial institution, Kotak Mahindra Financial institution and Punjab Nationwide Financial institution to launch the service on its platform, as per the NPCI web site.
Ambarish Kenghe, VP – Product Administration at Google, stated that distinctive choices and use instances are core to driving additional adoption of digital funds within the nation.
“With the introduction of UPI LITE on the platform, we goal to simplify small-value transactions by serving to customers entry a handy, compact and superfast funds expertise,” Kenghe stated.
The Reserve Financial institution of India launched the function in September 2022.
