PhonePe Goes Live With UPI Lite: If you use PhonePe, we have some good news for you. Now, you won’t need to enter your PIN during transactions by using PhonePe’s latest feature UPI Lite but with some restrictions. After Paytm, Phonepe has gone live with its latest feature UPI Lite which will allow customers to initiate low-value payments under Rs. 200, with a single tap from their UPI Lite account without entering a PIN. This will make the transactions faster as the amount will be directly debited from the on-device UPI Lite balance without involving the customers’ banks’ (remitter bank) core banking systems in real-time.
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The UPI Lite feature on PhonePe is supported by all the major banks and is accepted by all UPI merchants and QRs across the country.
How UPI Lite Works
Users can keep up to Rs 2,000 in their Lite account and make transactions of up to Rs. 200 or less in one go. The good part is that the users can create and activate their lite account instantly as no KYC is needed for that. A daily message will be sent to the users containing the history of UPI Lite transactions carried out during the day from their bank.
Another benefit of UPI Lite is that it helps in decluttering bank statements/passbooks with small-value transactions, as the transactions would only be visible in the LITE account and not in the bank statement.
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How To Activate UPI Lite on the PhonePe App:
Open the PhonePe app
Click on Enable UPI Lite available on the home screen
Enter the amount to be added in UPI Lite and select the bank account
Enter your UPI pin and your Lite account will be enabled
