New Delhi: Google Pay on Thursday rolled out UPI LITE on its platform to allow customers to make quick and one-click UPI transactions with no need to enter the UPI PIN.
The LITE account is linked to the consumer’s checking account however doesn’t rely real-time on the issuing financial institution’s core banking system, the corporate stated in an announcement.
The UPI LITE account could be loaded with as much as Rs 2,000 twice a day and permits customers to do immediate UPI transactions as much as Rs 200.
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“Unique offerings and use cases are core to driving further adoption of digital payments in the country and with the introduction of UPI LITE on the platform, we aim to simplify small-value transactions by helping users access a convenient, compact and superfast payments experience,” stated Ambarish Kenghe, VP Product Management from Google.
Google Pay app customers can go to their profile web page and faucet on activate UPI LITE.
On completion of the linking course of, customers will be capable to add funds as much as Rs 2,000 to their UPI LITE account, with the utmost per day restrict being Rs 4,000.
“Subject to UPI Lite balance and for transaction values less than equal to Rs 200, the UPI LITE account will be selected by default,” the corporate stated.
To full the transaction, customers have to faucet on “Pay PIN-Free”.
The UPI LITE function was launched by the Reserve financial institution of India in September 2022 to ease the UPI transaction course of and is enabled by National Payments Corporation of India (NPCI).
Fifteen banks help UPI LITE thus far, with extra banks to comply with in upcoming months.
Source: zeenews.india.com
