UPI LITE is a new payment solution that leverages the trusted NPCI Common Library (CL) application to process low value transactions that have been set at below Rs.500. The solution runs off existing UPI ecosystem protocols for mobile phones to ensure commonality, compliance and system acceptance. UPI LITE experience is intended to be a customer-friendly approach to enabling low value transactions without utilizing a Remitter bank’s core banking systems in real-time, while providing adequate risk mitigation.
Enablement Flow
To enable UPI LITE
- User has to open his/her UPI App
- On home screen of the App, user will get the option to enable UPI LITE. Click on the option
- User reads and accepts the terms & conditions
- User enters the amount to add in UPI LITE and select the Bank account
- User enters UPI PIN
- UPI LITE enabled successfully!
Transaction flow
For making seamless transactions via UPI LITE
- User opens the app
- User chooses to pay.
- User enters the amount
- Money Sent Successfully without UPI Pin
Benefits of UPI Lite
- Improved success rate for UPI transactions
- Less infrastructure load on Remitter Bank CBS
- Uncluttered Passbook for users
- One click single factor authentication for UPI transactions of value less than Rs.500
UPI LITE balance in case of change of Mobile Device
UPI LITE balance should be treated equivalent to cash and the user will be responsible for the balance loaded in LITE account. In case user changes the mobile device, user should disable the LITE account from old mobile device & then enable a new LITE account on the new mobile device. This shall ensure that the LITE balance lying in the older mobile LITE account is pushed back to user account.
In case user lost the device with the active LITE account and balance, user can approach their Bank for refund of balance in the bank account. Bank may perform necessary checks; post which bank may refund money to the user’s bank account .It should be noted that LITE balance will not be fetched in new mobile device if user changes the mobile device .
Also, in case user wants to change the mobile number linked with UPI, user should must disable the LITE account before changing the mobile number.
Source: NPCI Website
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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