UPI
Lite - Making Small-Money Transactions Easier
Do you frequently use UPI to make payments, and are there typically delays caused by a slow network? Do you frequently send modest payments of up to Rs. 200? Do daily little transactions appear on your account statement? If any of your responses to these inquiries are affirmative, NPCI has addressed your worries. A quick and easy way to conduct low-value transactions under Rs. 200 through UPI has been introduced by NPCI as UPI Lite.
You
must be curious about how UPI Lite will address the majority of our worries.
Let us walk you through the introduction of this facility from beginning to
end. The introduction of this capability is intended to simplify low-value
transactions for users.
You must be curious about how UPI Lite would address the majority of our worries. Let us walk you through the introduction of this facility from beginning to end. The introduction of this capability is intended to simplify low-value transactions for users. This method of doing transactions is very convenient and easy. An on-device wallet with a straightforward and user-friendly UI is UPI Lite. This method of transacting is quicker, easier to use, and interoperable with all banks. UPI PIN, which ensures that the money is transmitted promptly to the other bank account, is not required to transfer money.
This service will facilitate financial transactions without repeatedly hitting bank servers, as advised by RBI. The following are the main transactions and use guidelines established for UPI Lite:
200
rupees is the maximum per transaction.
Limitation
on Store Value in Wallet: Rs. 2000
Maximum
daily spending total: Rs. 4,000
How to
Register for UPI Lite
Opening
your BHIM or Paytm app and activating this account from these accounts is all
that is required to create a UPI Lite account. In the absence of BHIM, PhonePe,
Paytm, etc. To activate this service, you only need to download the app from
the Play Store or the App Store and follow the instructions listed below:
Step 1: After installing the app, agree to the necessary terms and conditions to register.
Step 2: Create your account by choosing a UPI-linked bank account, then fund it with money.
Step
3: To confirm the transaction, enter your UPI PIN.
Step 4: Your UPI Lite account will be established when your UPI PIN has been validated.
Process
of making Payments with a UPI Lite Account
You can begin using its services as soon as your UPI app is configured, and funds are contributed to the UPI Lite account. Now, it's simple and possible to make payments from this wallet account with only one click. NPCI has allowed one-touch payment to speed up your transactions without using the PIN to confirm the transaction since the amount that can be transferred through this platform is limited to Rs. 200 per transaction. The steps listed below describe how to conduct transactions using this facility:
Step
1: Open UPI Lite and scan the QR code in step one.
Step
2: Include the sum that must be paid to the retailer.
Step
3: Press 'Pay Now' to finish the transaction.
Step
4: Your transaction will be completed when you click "Pay Now."
Advantages
of UPI Lite
UPI
Lite installment technique will give beneath referenced benefits:
v Further
developed achievement pace of UPI exchanges
v Less
burden on the center financial framework
v Not
any more jumbled passbooks for clients
v Don't
bother validating little exchanges by giving UPI PIN
How to close UPI Lite Account
To
cripple your UPI Lite record is extremely simple. Simply click on your all-dynamic UPI accounts in your application. You can then choose a record from
which you need to handicap this help. There will be a choice to debilitate UPI Lite
record as displayed in the picture underneath.
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