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Everything you need to know about UPI and UPI Lite

Mumbai: The Unified Payments Interface (UPI)  is  the most popular payment  platform in the country. It is developed and managed by  National Payments Corporation of India (NPCI). NPCI also recently launched UPI Lite service for the convenience of many users.

UPI is a full-featured service. It offers  seamless transactions between multiple bank accounts and a wide range of services. It works 24/7 and allow users to transfer money instantly between bank accounts using their smartphone. One  can use various methods like a virtual ID, bank account number, mobile number or QR code to send money through UPI, and can manage multiple transactions in one mobile app.

UPI Lite is a simplified version and offers  users basic functionality. UPI Lite acts like a digital wallet on your mobile phone. With UPI Lite, you can make quick payments for small amounts without needing a UPI PIN. There  is no limit on daily transactions under UPI Lite. The users can carry out multiple low value transactions UPI Lite in a day.

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Users can make payments up to Rs 200 per transaction instantly without using any PIN. The users can add a maximum of Rs 2,000 twice daily to their wallet.

The UPI Lite feature has been added to the BHIM app, according to NPCI. Right now, customers of 8 banks can use UPI Lite through the BHIM app. These banks include Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank, according to NPCI.

UPI Lite will handle transactions in a nearly offline mode. One can make payments (debit) without needing an internet connection, but when money is added to your account (credits), it will be updated online. The customers, who use UPI Lite receive a daily SMS from their bank that shows a summary of all the UPI Lite transactions they make during a day. UPI users, on the other hand, can check their transaction history within the UPI mobile app to keep track of their past transactions.

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