Paytm, PhonePe may soon allow you to pay up to Rs 200 using UPI without pin
Digital payments companies, Paytm and PhonePe are reportedly working on a UPI Lite-based feature that would allow users to make transactions of up to Rs 200 without using a UPI PIN. Both third-party platforms, which already offer Unified Payments Interfaced-based services, are in the advanced stages of integrating UPI Lite into their platforms.
The Economic Times has reported, citing sources privy to the development, that Paytm will go live with its UPI Lite service within a month, while PhonePe will introduce the service after Paytm. This means Paytm may be the first third-party payments service provider to offer UPI Lite services. The report also mentioned that Slice, which is a fintech company, is also working to make the UPI Lite service available on its platform to let its young customers make transactions of small amounts.
UPI Lite was launched by the Reserve Bank of India last year to allow low-value transactions without needing the internet and, thereby, a UPI PIN for authentication. Payments of up to Rs 200 are authorised on-device from the wallet. No requirement for a PIN makes transactions faster and more convenient — something customers have been demanding for a long time. Around 50 percent of the total UPI transactions are of Rs 200 or less, NPCI said in March last year, so it makes sense for third-party platforms to integrate the service into their apps for easier access.
“It’s going to be a good product for consumers and NPCI (National Payments Corporation of India) has been keen for it to take off so it could unlock the next level of growth for UPI as well,” the reported quoted one of the sources as saying.
The UPI Lite service has been live on NPCI’s own BHIM app but it is not as popular as PhonePe — which is the most-used UPI payments app, Google Pay, or Paytm. The report cited one of the persons close to the development to say that involving “bigger players” in the project “could become the shot in the arm needed to distribute this project.”
The post Paytm, PhonePe may soon allow you to pay up to Rs 200 using UPI without pin appeared first on Techlusive.
Digital payments companies, Paytm and PhonePe are reportedly working on a UPI Lite-based feature that would allow users to make transactions of up to Rs 200 without using a UPI PIN. Both third-party platforms, which already offer Unified Payments Interfaced-based services, are in the advanced stages of integrating UPI Lite into their platforms.
The Economic Times has reported, citing sources privy to the development, that Paytm will go live with its UPI Lite service within a month, while PhonePe will introduce the service after Paytm. This means Paytm may be the first third-party payments service provider to offer UPI Lite services. The report also mentioned that Slice, which is a fintech company, is also working to make the UPI Lite service available on its platform to let its young customers make transactions of small amounts.
UPI Lite was launched by the Reserve Bank of India last year to allow low-value transactions without needing the internet and, thereby, a UPI PIN for authentication. Payments of up to Rs 200 are authorised on-device from the wallet. No requirement for a PIN makes transactions faster and more convenient — something customers have been demanding for a long time. Around 50 percent of the total UPI transactions are of Rs 200 or less, NPCI said in March last year, so it makes sense for third-party platforms to integrate the service into their apps for easier access.
“It’s going to be a good product for consumers and NPCI (National Payments Corporation of India) has been keen for it to take off so it could unlock the next level of growth for UPI as well,” the reported quoted one of the sources as saying.
The UPI Lite service has been live on NPCI’s own BHIM app but it is not as popular as PhonePe — which is the most-used UPI payments app, Google Pay, or Paytm. The report cited one of the persons close to the development to say that involving “bigger players” in the project “could become the shot in the arm needed to distribute this project.”
The post Paytm, PhonePe may soon allow you to pay up to Rs 200 using UPI without pin appeared first on Techlusive.
