The use of digital payment apps has increased rapidly. People use Paytm and PhonePe to make UPI payments. Now both the companies are working on a new feature. With this, the transaction can be completed without using the UPI PIN.
This feature will be very useful in making instant payments. However, the transaction limit can be up to Rs.200 only. It has been claimed in the report that both the companies are in the advanced stage of integrating UPI Lite. The Economic Times has reported about this quoting the source.
Paytm can bring service first
It has been claimed in the report that first Paytm will release UPI Lite service for its app within a month. After this PhonePe will also introduce this service. If this happens, Paytm will become the first third-party app to issue UPI Lite service.
You will get benefit in small transactions
Apart from this, it has also been told in the report that Fintech company Slice is also working to release UPI Lite service on its platform. With this, young customers can complete small amount transactions.
Let us tell you that the UPI Lite service was launched by the Reserve Bank of India last year. This allows users to transfer even low value amounts without internet or UPI PIN authentication. Payment up to Rs 200 has been authorized through the wallet.
NPCI had said in March last year that about 50 percent of the total UPI transactions are of Rs 200 or less. Its integration into third-party platforms will make such transactions much easier. Nothing has been said about this from both the companies.
