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Google Pay introduces UPI Lite
July 14, 2023
Google Pay has rolled out UPI LITE on its platform with the aim of making digital payments simple, fast and reliable.
UPI LITE enables users to make fast, one-click UPI transactions without the need to enter the UPI PIN.
Ambarish Kenghe, VP Product Management from Google, said, “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.”
Google Pay is privileged to partner with the Indian government, along with NPCI and RBI, in growing the reach and usefulness of UPI, he said.
Behind the scenes, the LITE account is linked to the user’s bank account, but does not rely real-time on the issuing bank’s core banking system.
Due to this technical innovation by the ecosystem, UPI LITE promises higher success rates, even during peak transaction hours.
The UPI LITE account can be loaded with up to ₹2,000 twice a day, and allows users to do instant UPI transactions of up to ₹200. Using UPI Lite also results in a less cluttered bank passbook, with fewer transaction details.
The UPI LITE feature was launched by Reserve Bank of India in September 2022 to ease the UPI transaction process and is enabled by the National Payments Corporation of India (NPCI). As of now, 15 banks support UPI LITE, with more to follow in the coming months.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/