PhonePe goes live with UPI LITE to enable low-value transactions

Fintech firm PhonePe said on Wednesday it has gone live with the UPI LITE feature on its app, allowing users to initiate low-value payments under Rs 200.

The feature can be used with a single tap in UPI LITE accounts without entering a PIN, a passkey. The transaction is processed directly by debiting the on-device UPI LITE balance without involving the customers’ banks’ (remitter bank) core banking systems in real-time. This makes transactions more seamless and even faster than regular UPI transactions while also increasing the success probability of the transaction.