PhonePe Launches UPI Lite Feature for Low-Value Transactions ...
18 October 2024
PhonePe, the Walmart-owned fintech firm, has announced the launch of its UPI Lite feature, which enables users to initiate low-value payments of up to Rs 200 without using a PIN. The feature is supported by all major banks and is accepted by all UPI merchants and QR codes throughout India. The offering is expected to provide much faster real-time payment solutions for small transactions such as groceries, transit, and other low-value payments. PhonePe's Co-founder and Chief Technology Officer Rahul Chari said that the small-ticket transactions make up a significant volume of the overall UPI payments and that UPI Lite will make them quicker and more convenient without putting a strain on the existing UPI infrastructure.
PhonePe, the Walmart-owned fintech firm, has announced the launch of its UPI Lite feature, which enables users to initiate low-value payments of up to Rs 200 without using a PIN. The feature is supported by all major banks and is accepted by all UPI merchants and QR codes throughout India. The offering is expected to provide much faster real-time payment solutions for small transactions such as groceries, transit, and other low-value payments. PhonePe's Co-founder and Chief Technology Officer Rahul Chari said that the small-ticket transactions make up a significant volume of the overall UPI payments and that UPI Lite will make them quicker and more convenient without putting a strain on the existing UPI infrastructure.
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