The concept of carrying cash in the wallet, is from another era, it seems like. Once upon a time we went to the bank with cheque book and withdrew cash, then came the ATM cards and machines. Then the revolution of ‘Digital India’. UPI (Unified Payment Interface), apps made it easier to make payments and receive, without having to go to any bank or ATM. One does not even have to know the bank account number, just the phone number and it is all set.
Further, another feature has been added to the UPI platforms called “UPI Lite”. This is a digital account created to make low value transactions that has been set at Rs.200. This feature will help with the small ticket transactions making it faster and easier.
How to enable UPI Lite?
Open the UPI App.
The home screen has an option to enable UPI Lite, click on it.
Read and accept the ‘terms and conditions.’
Enter the amount to be added to UPI Lite.
Select the bank account.
Enter the UPI pin.
Success! UPI Lite enabled.
What are the benefits of UPI Lite?
The success rate of UPI transactions, is better and improved.
Clutter less Bank Passbook.
There is no cap on the number transactions made using UPI Lite.
There is no need of using the ‘PIN’ to complete a transaction.
One can add up to Rs. 2000 in their UPI Lite account.
In case of change in mobile phone, it is advised to disable UPI Lite on the old phone and then enable it on the new phone.
If one has lost their devices, approach the bank for refund of the UPI Lite balance to the bank account.
Also, if there is a need to change phone number linked with the UPI account, it is a should and must to disable the Lite account.
UPI Lite is available in BHIM, Google Pay, Paytm and PhonePe Apps. Some banks have also made this feature available in their Bank Apps.