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UPI Lite on Paytm, PhonePe soon for smaller payments
February 06, 2023
“Paytm is likely to go live with its UPI Lite product on its app within a month, and PhonePe is expected to enable the offering after Paytm, which is closest to being live right now,” one of the persons said. Tiger Global-backed fintech Slice, which is also betting on its UPI play, is working to go live on UPI Lite as it focuses on a younger consumer base that makes small-ticket transactions.
In September last year, Reserve Bank of India governor Shaktikanta Das launched UPI Lite to make low-value UPI payments faster and simpler. UPI Lite is an on-device wallet feature that will allow users to make real-time small-value payments of up to ₹200 without using a UPI PIN. At present, only debit from your wallet is permitted and all credits to UPI Lite, including refunds, will directly go to your bank account.
“It’s going to be a good product for consumers and NPCI has been keen for it to take off so it could unlock the next level of growth for UPI as well. No requirement of PIN is going to make transitions close faster a growing issue among consumers as UPI has become popular,” one of the persons briefed on the matter said.
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