Bank of Baroda announced that it has implemented UPI LITE – Small Value on Device Wallet. Bank of Baroda also piloted the UPI LITE X during the Global Fintech Fest 2023 on September 6, 2023, at the hands of Reserve Bank of India Governor Shaktikanta Das, according to a bank press release.A wallet called UPI LITE enables users to send small-value digital payments instantly with only one tap and without entering a UPI PIN. UPI LITE enables customers to seamlessly make multiple, small value transactions instantly during peak hours. The maximum balance in the UPI LITE wallet at any point of time cannot exceed Rs 2,000.Also read: Bank of Baroda launches UPI ATM facility: Who can use UPI ATM, how to withdraw cash without using debit or credit card
How to enable UPI LITE
Customers must enable UPI LITE on BHIM or another app that supports UPI LITE in order to use this service. Customers can fund their UPI LITE account during LITE activation using their UPI-linked Bank of Baroda bank account.
Customers will seamlessly and instantly pay merchants. Customers can make small-value, cashless purchases at kirana stores, pharmacies, restaurants, shops, gasoline retail outlets, and more using their wallet balance. By processing small-value payments, increasing the success rate for low value transactions, and improving user experience, UPI LITE will contribute to lessening the stress on the system.Also read: UPI Lite X launched; How it is different from UPI, UPI Lite
When additional factor authentication is required
Small value digital transactions up to the permitted limit will be debited from the UPI LITE account without the need for any additional factor authentication (AFA) after the user activates the account. Users must enter an extra level of authentication while topping up or loading funds in UPI LITE, nevertheless. The wallet’s balance will be returned to the Primary LITE bank account upon deactivating UPI LITE.
What will be the limits associated with UPI LITE payment mode?
- Per transaction limit: Up to max Rs 500
- Cumulative usage per day: Rs 4,000
- Maximum balance which can be made available in UPI LITE account at any time: Rs 2,000
