UPI Lite : A new way to make your balance light as air

Introduction

Hey there, folks! It's June 12, 2023, and you're about to learn about a brand new way to lighten your wallet.The government has already launched this revolutionary payment system called UPI, which has already amazed Visa and other foreign payment solutions. But this new innovation takes it to another level. With UPI payments already growing at a rate of 150% annually. As the cornerstone of retail payment digitalization, a new innovation was always on the horizon.

UPI Lite: What is it?

UPI Lite was launched by the RBI and designed by NPCI to facilitate faster and easier transactions for low-value transfers. It's like going back in time when we used Paytm or Mobikwik wallets. These days you can find the UPI Lite option on any UPI app including phonepe, Gpay or Paytm. UPI Lite basically allows you to directly transfer funds from Rs. 1 to Rs. 200 without any hassle, now your roommate doesn't have to ask you to pay for their tea or cold drink. All they need is your unlocked phone.

You can add up to Rs. 2000 at a time in your UPI Lite account, twice a day. After that, you can make as many transactions as you want without worrying about payment failures or receiving tons of email/SMS account debit alerts from your bank.

Need for UPI Lite :

While UPI has been very useful for daily digital transactions, it can also become a hassle sometimes with annoying transaction failures or having to wait in line at passbook updating machines for ages. With UPI Lite, the bank will show only one transaction for topping up your UPI Lite account. This way, it won't clutter your passbook, and you don't have to worry about explaining to your dad why there are multiple Rs. 18 transactions in it. It also cuts down the number of UPI transactions and load on the UPI servers making bigger value UPI transactions more efficient.

Another main highlight of UPI Lite is almost 100% transaction success rate so that next time when you are out with your girlfriend without cash you don't have to wash dishes at the resteraunt. UPI Lite transactions are fast and you don't even need to enter the UPI PIN every time for a even a Rs. 1 transaction.

How to use UPI Lite:

To set up UPI Lite you need to have a UPI enabled bank account and a UPI app like Gpay, PhonePe or Paytm. To activate it follow the following steps:

• Go to the profile page of your UPI app and click on UPI Lite Banner/Icon.

• Select a UPI Lite supported bank account and click on next.

• On the next page enter the amount you want to add to the upi lite wallet and then click add, it will ask you to enter the MPIN of your account and UPI Lite will be activated immediately.

• Now scan any QR, you can pay upto 200 via UPI Lite wallet without PIN in just one tap.

Conclusion

So, there you have it! UPI Lite, the ingenious solution to make your wallet as light as air. Because who needs money weighing them down, right? With the convenience of effortless transactions and the thrill of not having to enter a PIN, UPI Lite is the epitome of simplicity. Forget about those pesky transaction failures and the hassle of updating your passbook. UPI Lite has got you covered with its one-size-fits-all approach. So, go ahead and enjoy the luxury of paying for your roommate's tea without even flinching. After all, who needs financial responsibility when you have UPI Lite? Cheers to an empty pocket and a carefree life!