At current, PhonePe, Paytm and Google Pay assist UPI Lite.
One other key characteristic of UPI Lite over UPI is the transactions initiated by UPI Lite don’t require any PIN, providing ease of creating on-line funds.
However as we dive into the most important benefit of UPI Lite, you’ll uncover why UPI Lite is not simply an possibility, however a near-necessity for many customers.
Largest advantages of UPI Lite: Transaction Historical past
With the growing adoption of digital funds, many customers discover their financial institution statements cluttered with quite a few small-value transactions. This may make it troublesome to trace bigger, extra important bills or earnings. UPI Lite, then again, operates on a pay as you go mannequin.
Customers can load as much as Rs 2,000 into their UPI Lite account from their checking account. Transactions as much as Rs 500 day by day or Rs 4,000 in whole can then be made straight from this UPI Lite stability. This fashion, transactions made by UPI Lite don’t seem on the consumer’s financial institution assertion. Solely the preliminary loading of cash into the UPI Lite account is recorded, making it simpler for customers to determine main transactions with out sifting by quite a few small-value entries.
Nevertheless, customers will be capable of view transaction historical past within the digital fee app like Paytm and SMSes.
Lately, the Reserve Financial institution of India (RBI) introduced the introduction of auto-replenishment of UPI Lite pockets, below its mandate framework. Which means clients will not should manually refill their UPI Lite wallets.
