In a bid to make digital payments fast with a click and without needing to enter the UPI PIN, Google Pay on Thursday rolled out UPI LITE feature on its platform. With UPI LITE, users can make fast transactions even during peak hours. It is said to have a higher success rate as compared to conventional UPI payments. PhonePe and Paytm already support UPI LITE feature.
The UPI LITE account is linked to the user’s bank account but does not rely in real-time on the issuing bank’s core banking system. Due to this innovation by the ecosystem, UPI LITE on Google Pay is said to have a higher success rate even during peak transaction hours. The UPI LITE account can be loaded with up to Rs 2,000 twice a day and allows users to make UPI transactions of up to Rs 200. Using UPI Lite, also results in a less cluttered bank passbook with fewer transaction details.
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How To Activate UPI LITE Feature On Google Pay
- Google Pay app users can go to their profile page and tap on activate UPI LITE.
- On completion of the linking process, users will be able to add funds up to Rs 2,000 to their UPI LITE account, with the maximum per day limit 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.
- To complete the transaction, users need to tap on “Pay PIN-Free”.
To recall, the UPI LITE feature was launched by the Reserve Bank of India (RBI) in September 2022 to ease the UPI transaction process and is it enabled by the National Payments Corporation of India (NPCI). As of now, 15 banks support UPI LITE with more banks to follow in upcoming months. The banks that support UPI LITE include HDFC Bank Ltd, ICICI Bank, Indian Bank, Kotak Mahindra Bank, Punjab and Sind Bank, Punjab National Bank, State Bank Of India, Axis Bank Ltd, and Canara Bank, among others.
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Speaking about the roll-out, Ambarish Kenghe, VP Product Management from Google, said, “At Google Pay, we feel privileged to partner with the Indian government along with NPCI and RBI, in growing the reach and usefulness of UPI. 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.”