Google Pay introduces UPI LITE for fast, PIN-free payments
Google Pay has launched UPI LITE, to simplify digital payments by allowing users to make one-click UPI transactions without entering their UPI PIN.
Google Pay has introduced UPI LITE, a feature aimed at providing users with a simple, fast, and reliable digital payment experience.
UPI LITE allows users to make one-click UPI transactions without the need to enter their UPI PIN, making the process more convenient with higher success rates, even during peak transaction hours.
"At Google Pay, we are honored to collaborate with the Indian government, NPCI, and RBI to expand the reach and utility of UPI. By introducing UPI LITE on our platform, we aim to simplify small-value transactions and provide users with a convenient, compact, and lightning-fast payment experience, further promoting the adoption of digital payments in the country." Said Ambarish Kenghe, VP Product Management at Google.
Behind the scenes, the UPI LITE account is linked to the user's bank account but does not rely on the issuing bank's core banking system in real-time. With UPI LITE, users can load their account with up to INR 2000 twice a day, enabling instant UPI transactions of up to INR 200.
The UPI LITE feature was launched by the Reserve Bank of India in September 2022 to streamline UPI transactions. It is enabled by the National Payments Corporation of India (NPCI). Currently, 15 banks support UPI LITE, with more banks expected to join in the coming months.
Paytm launched UPI LITE on their platform earlier May along with a split bill feature where an amount can be divided among a group making purchases together.