UPI vs UPI Lite: Nowadays, people prefer making digital payments instead of cash transactions. The popularity of Unified Payment Interface has increased a lot among the people. National Payment Corporation of India (NPCI) keeps adding many new features in UPI from time to time for the convenience of the people. One of these is UPI Lite. As the name suggests, UPI Lite is a lighter version of the Unified Payment Interface. For this you do not need to use the internet. You can also use it in feature mobile phones.
What is UPI?
UPI i.e. Unified Payment Interface is a 24X7 digital payment system in which you can transfer money from one account to another without the account number only through the mobile number. In this, money can be transferred in real time. To use UPI, you may have to link your mobile number to your bank account.
What is UPI Lite?
The light version of UPI is called UPI Lite in which you do not even need internet to transfer money. This is an on-device wallet feature in which you can transfer small amounts in real time even without internet.
UPI vs UPI Lite
1.UPI can be used by every UPI member bank. For this you will need apps like BHIM, Google Pay, Paytm, Phone Pay etc. Whereas UPI Lite can be used on BHIM and Paytm. At present, permission to use UPI Lite feature is available in a total of eight banks.
2. Through UPI, you can transfer up to Rs 2 lakh through 20 transactions in 24 hours. Whereas through UPI Lite, transactions up to Rs 4000 can be done in 24 hours. There is no limit on the number of transactions.
3. To use UPI, you need a 4 to 6 digit PIN. Whereas in UPI Lite, money can be transferred without PIN.
4. You can also receive money through UPI, although in UPI Lite, only the permission to debit money is given. .
How to use UPI Lite on BHIM app-
- First of all, open the BHIM app and go to the option of UPI Lite The box has to be ticked. After this it will have to be enabled now.
- After this you will have to add the amount to the UPI Lite wallet.
- Then click on Enable UPI Lite X.
- Next, you will also have to enter the PIN to add the amount.
- After the amount is added to your wallet, you can use UPI Lite.
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