UPI LITE – Usage Stats, please
It's been
a considerable span since NPCI introduced UPI LITE, and the extent of its
adoption among bank account holders remains a bit of a mystery.
UPI LITE
has proven itself as an ideal solution for swift and hassle-free small-value
digital transactions.
The
current limit of INR 500 per transaction appears ample for routine digital
exchanges, making UPI LITE an attractive choice.
One of
the standout features of UPI LITE lies in its ability to ensure that payments
reach the beneficiary without having to navigate through the sender's core
banking system.
This not
only enhances transaction success rates but also streamlines the entire
process, making it a preferred option for users seeking efficiency in their
digital financial interactions.
While the
present functionality of UPI LITE is commendable, there's a curiosity about its
widespread adoption.
It could
be immensely beneficial if NPCI periodically shares statistical insights into
UPI LITE usage.
This
transparency could shed light on its impact and further encourage bank account
holders to embrace this innovative digital payment solution.
As of
now, bank account holders can create up to four UPI LITE Wallets, each
associated with leading platforms such as BHIM, Paytm, PhonePe, and GPay.
This
effectively means that from each individual bank account, users can hold a
maximum of INR 8,000 across these UPI LITE wallets.
For those
with multiple bank accounts linked to the UPI channel, this maximum amount
scales up accordingly.
The
prospect of periodically unveiling UPI LITE usage statistics holds the
potential to stimulate more bank account holders to adopt this streamlined
payment method.
The
eagerness to explore and delve into the increasing numbers reflects a genuine
interest in understanding the evolving landscape of digital transactions
through UPI LITE.
Here's to
eagerly anticipating more insights and revelations about the widespread
utilization of UPI LITE in the near future.
Please go through this blog post
for background on the NPCI Circular
Link
to my blog @ https://innovationinbanking.blogspot.com/2023/11/customer-awareness-and-engagement-for.html
Introducing UPI
LITE: Transforming Transactions into Swift, Secure, and
Seamless Experiences
Experience
the future of payments with UPI LITE – a cutting-edge solution that redefines
convenience in low-value transactions, all under ₹500.
Empowered
by the trusted NPCI Common Library (CL) application, UPI LITE operates within
the established UPI ecosystem protocols for mobile phones, ensuring seamless
integration, regulatory compliance, and widespread acceptance.
This
innovative platform is designed to be customer-centric, making low-value
transactions effortlessly accessible without tapping into the complex core
banking systems of the Remitter bank in real-time, all while prioritizing
robust risk mitigation.
**Enabling UPI LITE (On-Device
Wallet): **
Unlock the potential of UPI LITE
through a hassle-free process:
1. **Select Any UPI App with UPI
LITE Support: **
Activate UPI LITE from your preferred UPI-enabled app, making the entire
process user-friendly and tailored to your convenience.
2. **Grant Consent for UPI LITE: **
Ensure security with your explicit consent, affirming your control over
the activation of UPI LITE on your device.
3. **Link Your Bank Account with
UPI PIN: **
Seamlessly link your bank account with your UPI PIN, providing a secure
foundation for your UPI LITE transactions.
4. **Authorize Issuing Bank with
UPI PIN: **
With a simple authorization using your UPI PIN, enable your issuing bank
to activate UPI LITE on your device promptly.
5. **Swift Fund Transfer: **
Initiate the fund transfer process, prompting your bank to seamlessly
transfer funds from your account to enable UPI LITE usage.
6. **Confirmation and Virtual
Balance: **
Receive confirmation from your issuing bank upon successful fund
transfer, instantly enabling UPI LITE on your device. Witness the reflected
virtual balance in the Common Library (CL) of your UPI App.
**Multiplicity of UPI LITE
Instances: **
Unleash the power of UPI LITE
with clarity:
- **Unique Wallet on Each App: **
A distinctive UPI LITE (On-Device Wallet) is created on each UPI-enabled
app, ensuring a tailored experience with every platform.
- **One Bank Account, Multiple
UPI LITE Instances: **
Utilize the same bank account to create multiple UPI LITE (On-Device
Wallet) instances on various apps, maximizing flexibility according to your
preferences.
- **Single Active UPI LITE at a
Time: **
Maintain simplicity and security – at any given moment, only one UPI
LITE (On-Device Wallet) from a single bank can be enabled on a UPI App,
consolidating your balances within the Common Library (CL) for a streamlined
experience.
Embark on a journey of seamless
transactions with UPI LITE – where speed, security, and simplicity converge for
your financial convenience.
Disclaimer: I want to share my personal experience with
UPI LITE Wallet, and it has been a beneficial addition for me.
The distinctive feature of UPI LITE has notably
streamlined and decluttered my primary bank account, providing a genuine sense
of ease in my digital financial transactions.
This, to me, encapsulates the authentic joy of secure
ePayments.
I convey this experience with no embellishments – just the
pure, unadulterated satisfaction derived from the simplicity and security
offered by UPI LITE Wallet.
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