Axis Bank, India’s third largest private sector bank, today announced the debut of UPI LITE, a new feature that will allow users to make quick payments with only one touch for modest value transactions up to Rs. 200 without the use of a UPI PIN. Clients can manage their LITE Accounts through the UPI App, where they can see their available balance, transaction history, and top-ups.
The National Payments Corporation of India announced the UPI LITE solution in September 2022, and Axis Bank was one of the early adopters of this innovation.
Customers must enable UPI LITE for Axis Bank in their UPI Apps* in order to use Axis Bank UPI LITE. Users can use this option by transferring monies from their Axis Bank account to their LITE account. This capability is now available in UPI Apps that enable the UPI LITE feature and in which clients have an Axis Bank account. One advantage of this functionality is that clients can make several small-value transactions without difficulty during peak hours.
Commenting on the launch, Sanjeev Moghe, President & Head – Cards & Payments, Axis Bank, said, “ In the last decade, India has seen exponential growth and adoption of Digital Payments, triggered by various developments in the tech world with easy-to-use product offerings and a push by the Government for a cashless economy. The United Payments Interface (UPI), India’s real-time payments ecosystem, has become an unstoppable force. Axis Bank has always been at the forefront of extending UPI’s multiple payments flows to its customers and we continue to scale our UPI growth through a dedicated UPI infrastructure and capacity to handle high TPS; having one of the highest approval rates in UPI. We believe that with the adoption of UPI LITE feature of NPCI, this will further strengthen the adoption rate.”
Praveena Rai, COO, NPCI said, “UPI LITE will empower banks to process transactions at a greater scale using lesser resources, thus making the UPI Platform faster, economical and convenient. Ultimately, it’s the customer who wins with a superfast payment experience”
