News Update

PhonePe Launches UPI Lite to Simplify Small Payments without PIN Entry

• ByStartupStory     |    May 3, 2023

PhonePe has recently announced the launch of its UPI Lite feature, enabling users to initiate small transactions valued at less than Rs 200 without needing to enter a PIN. This update is now live within the PhonePe app and aims to simplify the payment process for users.

PhonePe, a fintech company owned by Walmart, has revealed that its UPI Lite service is now available on its app, allowing users to make small payments below Rs 200 without requiring a PIN. This service is supported by all major banks and can be used at all UPI merchants and QRs across India. According to the company, UPI Lite works by utilizing an on-device balance that enables faster real-time payments for various low-value transactions, including groceries and transit fares, even during peak periods.

Rahul Chari, the co-founder and chief technology officer of PhonePe, has stated that UPI Lite’s introduction is aimed at addressing the high volume of small-ticket transactions that make up a significant portion of overall UPI payments. By enabling faster and more convenient low-value transactions without overburdening the existing UPI infrastructure, UPI Lite will be a valuable addition to PhonePe’s services.

According to PhonePe’s co-founder and chief technology officer, Rahul Chari, the UPI Lite service will not only provide a quicker and more convenient way to handle small transactions but also pave the way for innovative use cases that require payment execution without network connectivity. As a product of the National Payments Corporation of India (NPCI), UPI Lite was introduced by the Reserve Bank of India in September 2020. Chari believes that this launch will contribute to the continued growth of India’s cashless economy by driving the adoption of digital payments among users.

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