PhonePe, a fintech company owned by Walmart, has unveiled its new UPI Lite feature that allows users to initiate low-value transactions up to Rs 200 without needing to enter a PIN.
The service is compatible with all major banks and is accepted by UPI merchants and QR codes across India.
This feature is expected to offer a faster and more convenient real-time payment solution for small transactions such as groceries, transit, and other low-value payments.
According to PhonePe’s Co-founder and Chief Technology Officer, Rahul Chari, small-ticket transactions make up a significant proportion of the total UPI payments, and the UPI Lite feature will enable faster and more efficient processing of these transactions without putting any additional burden on the existing UPI infrastructure.
Additionally, the UPI Lite feature creates opportunities for payment execution in situations where network connectivity is unavailable, making it one of the most noteworthy releases from the National Payments Corporation of India (NPCI) in recent times.
NPCI, the umbrella organization for all retail payment systems in India, developed this feature, which was launched by the Reserve Bank of India in September of last year.
The organization strives to promote digital payments and advance India’s cashless economy.
By introducing UPI Lite, PhonePe is making a significant contribution to the widespread use of digital payments throughout India.
India has witnessed substantial growth in digital payments in recent years, and this trend is predicted to persist.
As the nation continues to shift towards a cashless economy, businesses such as PhonePe are striving to make digital transactions more convenient and accessible for users.
The launch of the UPI Lite feature represents an essential stride towards boosting the acceptance of digital payments, particularly for small transactions.
PhonePe is among the top participants in India’s digital payments market, and the introduction of this new feature is expected to assist the company in maintaining its market share and drawing in new customers.
