How Bank of Baroda customers can enable UPI LITE to make instant payments with just one tap. Step-by-step guide here
Bank of Baroda enables UPI LITE wallet for small-value digital payments without UPI PIN, improving user experience
Bank of Baroda (BoB) announced that it has enabled UPI LITE - Small Value on Device Wallet. UPI LITE is a wallet that allows users to make instant, small-value digital payments with only one tap without the use of a UPI PIN. “UPI is today one of the most preferred digital payment modes for consumers given the sheer ease and convenience of making payments and the superior user experience along with security and interoperability features. Bank of Baroda is one of the leading UPI remitter banks and the launch of our UPI LITE facility will further accelerate the adoption of UPI and help in promoting digital financial inclusion,” said Joydeep Dutta Roy, Executive Director, Bank of Baroda.
What is UPI LITE?
UPI LITE enables customers to seamlessly make multiple, small-value transactions instantly during peak hours.
UPI LITE transaction limit
The maximum balance in the UPI LITE wallet at any point in time cannot exceed ₹2,000.
How can customers avail of this service?
1)To avail of this service, customers need to enable UPI LITE on BHIM or any UPI LITE support app.
2)During LITE activation, customers can fund their UPI LITE account through their UPI-linked Bank of Baroda bank account.
3)Once a customer activates the UPI LITE account, small-value digital transactions as per the permissible limit will be debited from the LITE account without any additional factor authentication (AFA).
4)However, users recharging or loading funds in UPI LITE will need to enter additional factor authentication.
5)On deactivating UPI LITE, the balance in the UPI LITE wallet will be credited back to the Primary LITE bank account.
6)Customers can use their wallet balance to make small value, cashless payments at Kirana stores, pharmacies, restaurants, shops, fuel retail outlets, and more.
“UPI LITE will help in reducing the load on the system by processing small-value payments, improving the success rate for low-value transactions, and enhancing user experience,”BoB said in a media release.
Bank of Baroda has also launched the UPI LITE X on a pilot basis during the Global Fintech Fest 2023 on 6th September 2023 at the hands of the Reserve Bank of India Governor Shaktikanta Das.
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Business NewsIndustryBankingHow Bank of Baroda customers can enable UPI LITE to make instant payments with just one tap. Step-by-step guide here
First Published:21 Sep 2023, 06:35 AM IST
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