One of the main similarities between UPI and UPI Lite is that they’re both payment systems. UPI is interoperable, which means you can send or receive money from any UPI-enabled app. On the other hand, UPI Lite is a stripped-down version of the full UPI system that doesn’t offer all its features. If you’re looking for a simple way to send and receive money from friends and family, UPI Lite might be a good option for you. However, if you want to enjoy all the benefits of the full UPI system, then it’s best to use a full UPI-enabled app like Paytm that offers speedy transactions and national acceptance.
When it comes to BHIM UPI vs BHIM UPI Lite, there are plenty of things you’ll need to consider. But if you’re not sure which one is right for you, don’t worry! In this post, we will discuss everything there is to know about these two UPI vs UPI Lite money transaction apps so that you can make an informed decision.
What is UPI Lite?
UPI Lite is a simplified version of the UPI app that allows you to send money to any bank without access to the internet.
Developed by the National Payments Corporation of India, UPI is a 24*7 instant payment system for transferring money between two bank accounts. It even allows you to transfer money in real time between bank accounts.
To deposit money using UPI, you’ll need an application, a virtual ID, and an Internet connection. You can also use QR codes or your Aadhaar number–whatever is easiest for you. You’ll need to find the IFSC code of your desired receiving bank. All of this information can be found online.
How to use UPI?
The UPI system requires that you have a bank account with a member bank. It’s located anywhere in the 100+ public and private sector, co-operative, small finance, and Gramin banks that are members of NPCI.
Once you have a smartphone and bank account, we recommend downloading your preferred UPI app. Some apps frequently used for UPI payments are BHIM, Paytm, PhonePe, and Google Pay. Once you’ve registered your mobile number with your bank for verification purposes, you’ll be able to begin making UPI transactions immediately.
To start with UPI, the first thing you’ll need to do is create a 4-6 digit PIN. Once activated, this PIN will be used for authorizing transactions or for switching banks. It has an easy interface and does transactions quickly, which has helped make it popular among users.
What is UPI Lite?
The Reserve Bank of India has been hard at work this past week, rolling out the newest feature called UPI Lite. It will allow users to make instant small-value payments without having to input a PIN.
Here’s how UPI Lite works
To begin using the PayLite app to pay merchants, you’ll need to add funds or load up your digital wallet with a bank account. Funds must be available before you can use them for payment.
The UPI Lite feature has been enabled on the BHIM app, according to an NPCI press release. As of right now, customers with eight banks can use the UPI Lite service by downloading the BHIM app. Those banks are Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank Union Bank of India, and State Bank of India.
Conclusions
In conclusion, there are several differences between UPI vs UPI Lite. First, UPI requires a linked bank account, but UPI Lite does not. Another difference is that with UPI you can make peer-to-peer payments and in-app payments, but UPI Lite does not allow that. And finally, NEFT and RTGS transactions are available with UPI but not with UPI Lite. Ultimately, this choice comes down to the user’s individual needs and preferences.