Hello and Namaste Everyone
Making payments using a mobile wallet or UPI is very popular in India. Almost everyone uses their mobile for making payments in shops, markets, and even to local vendors. It is convenient and fast and we do need not to carry cash. Some of the wallets are popular including Paytm but there are so many apps that support the UPI payment option which gets executed through the bank account. There is a difference between a wallet and a UPI. In wallets, we can keep funds using a credit or debit card so we need not pay using a bank account every time. When we use up the money is deducted from the bank account and every time we need to authenticate using a four or six-digit personal identification number.
Now there is another additional service introduced by these UPI applications and I think it is very easy and much needed. This service is called UPI lite and there is a limit assigned. This is for the people who do not have the wallet access and they use only UPI for making payments. UPI Lite is like a wallet where we can keep the funds and this limit is a maximum of 500 INR. Wallet is easy because we need not enter the pin every time but with UPI the pin is the mandatory requirement which is slightly inconvenient and time-consuming. With this new feature, one can make a payment without using any PIN code.
We can add the fund in the UPI lite and pay in seconds just by using the mobile number or QR. I registered for this service today and used it for a couple of payments. I have been getting the notification to activate it but I was ignoring and today is the day when I finally did. I wish I could have done it before because after using it I realized that this is such a nice feature introduced by these UPI applications. Because they have improved the overall experience and they have also added the limit which is not so high so there is nothing to worry about.
It's like just going outside buying whatever you like and making the payment within a few seconds. Forget all these irritating pin codes that we need to enter but this is applicable for small payments. if you are in India then you check this out. I checked it in Paytm and Google Pay and its there but don't know about other wallets
Thank you so much
Stay Safe