Press Release

Press Release

PhonePe goes live with UPI LITE

Enables faster, seamless transactions for low value amounts of Rs. 200 or less in a secure manner

Bengaluru, May 2nd, 2023: PhonePe, today announced that it has gone live with the UPI LITE feature on its app. The feature allows users to initiate low-value payments under Rs. 200, with a single tap from their UPI LITE account without entering a PIN. 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 the regular UPI transactions while also increasing the success probability of the transaction.

UPI LITE on PhonePe is supported by all major banks and is accepted at all UPI merchants and QRs across the country. The feature operates through an ‘on-device’ balance that facilitates much faster real-time payment solutions for low-value transactions such as groceries, transit, even during the busiest time slots.

Users can instantly activate the feature on their PhonePe app through a simple process that doesn’t involve any KYC authentication and create a UPI LITE account. Users can load up to Rs. 2000 in their LITE account and make transactions of up to Rs. 200 or less in one go. To check the transaction history, users will receive a daily SMS containing the history of UPI LITE transactions carried out during the day from their bank. This also results in decluttering bank statements/passbooks with small-value transactions, as the transactions would only be visible in the LITE account and not in the bank statement.

Speaking on the announcement, Rahul Chari, Co-founder, and Chief Technology Officer at PhonePe said, “UPI LITE is a core part of the UPI stack offering, with a vision to enhance the users’ digital payments experience for frequent and low-ticket size spends. Small-ticket transactions make up a significant volume of the overall UPI payments, and UPI LITE will make them quicker and convenient, without putting a strain on the existing UPI infrastructure. UPI Lite also paves the way to introduce use cases that need payment execution without network connectivity making it one of the most exciting launches from NPCI in recent times. This is a crucial step towards increasing the adoption of digital payments for users across India, further strengthening a cashless economy. We are optimistic that India will embrace the feature for faster and hassle-free low- value payments.”

Here’s how PhonePe users can activate UPI Lite on the PhonePe app:

Step 1
Open the PhonePe app
Step 2
On the home screen of the app, users will get the option to enable UPI LITE
Step 3
User enters the amount to add it in UPI LITE and selects the bank account
Step 4
User enters UPI Pin and the UPI Lite account is enabled successfully

About PhonePe:

PhonePe was founded in December 2015 and has emerged as India’s largest payments app, enabling digital inclusion for consumers and merchants alike. With 45+ crore (450+ Million) registered users, one in four Indians are now on PhonePe. The company has also successfully digitized 3.5 crore (35 Million) offline merchants spread across Tier 2,3,4 and beyond, covering 99% pin codes in the country. PhonePe is also the leader in Bharat Bill Pay System (BBPS), processing over 45% of the transactions on the BBPS platform. PhonePe forayed into financial services in 2017, providing users with safe and convenient investing options on its platform. Since then, the company has introduced several Mutual Funds and Insurance products that offer every Indian an equal opportunity to unlock the flow of money and access to services. PhonePe was recently recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report 2022 by Trust Research Advisory (TRA).

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