This can be the ‘greatest’ cause why it is best to use UPI Lite

In a world the place digital funds have gotten the norm, United Funds Interface (UPI) has revolutionised the best way we conduct each day transactions. The Nationwide Funds Company of India (NPCI) launched UPI Lite in September, 2022. This can be a streamlined model of UPI that guarantees to ship a customer-friendly method to enabling low worth transactions beneath Rs 500 per day.
At current, PhonePe, Paytm and Google Pay help UPI Lite.
One other key function of UPI Lite over UPI is the transactions initiated by means of UPI Lite don’t require any PIN, providing ease of constructing on-line funds.
However as we dive into the most important benefit of UPI Lite, you’ll uncover why UPI Lite is not simply an choice, however a near-necessity for many customers.

Largest advantages of UPI Lite: Transaction Historical past

With the growing adoption of digital funds, many customers discover their financial institution statements cluttered with quite a few small-value transactions. This could make it troublesome to trace bigger, extra vital bills or revenue. UPI Lite, however, operates on a pay as you go mannequin.
Customers can load as much as Rs 2,000 into their UPI Lite account from their checking account. Transactions as much as Rs 500 each day or Rs 4,000 in complete can then be made straight from this UPI Lite stability. This manner, transactions made by means of UPI Lite don’t seem on the consumer’s financial institution assertion. Solely the preliminary loading of cash into the UPI Lite account is recorded, making it simpler for customers to establish main transactions with out sifting by means of quite a few small-value entries.
Nonetheless, customers will have the ability to view transaction historical past within the digital cost app like Paytm and SMSes.
Just lately, the Reserve Financial institution of India (RBI) introduced the introduction of auto-replenishment of UPI Lite pockets, underneath its mandate framework. Which means that clients will now not need to manually refill their UPI Lite wallets.