United Payment Interface or UPI has turn into a well-liked on-line cost service in India. Developed by the National Payments Corporation of India (NPCI), the interface is a round the clock prompt cost system that enables customers to switch cash between two financial institution accounts with out sharing financial institution particulars in actual time. Looking at its success, NPCI has launched UPI Lite and UPI 123Pay. The former is an on-device pockets, whereas the UPI 123Pay is an offline model of the United Payment Interface for characteristic telephones. Here’s all the things you should learn about UPI Lite and UPI 123Pay:
What are UPI Lite and UPI 123Pay?
UPI Lite and UPI 123Pay are an extension of the UPI service. They may also ship and obtain cash on-line; nevertheless, their traits are a bit totally different. Scroll right down to learn the way UPI Lite and UPI 123Pay are totally different from each other and what function they serve.
UPI Lite is an on-device pockets much like PayTM, Freecharge, MobiKwik, and different cost apps’ wallets. It has been designed to ease transactions of small denominations under Rs 200. Via UPI Lite, customers can add funds and ship small-value funds in actual time with out an web connection and UPI PIN. That mentioned, UPI Lite will solely course of transactions offline whereas debiting. For credit score, customers must stay on-line initially. But, fret not, NPCI has plans to make all transactions by way of UPI Lite, together with debit and credit score, totally offline.
It is price mentioning although, the characteristic has been enabled solely on the BHIM app as of now. Additionally, prospects of solely eight Indian banks can use the UPI gentle facility by way of the BHIM app. These banks embrace HDFC Bank, Kotak Mahindra Bank, State Bank of India, Utkarsh small finance Bank, Canara Bank, Indian Bank, Punjab National Bank, and the Union Bank of India.
UPI 123Pay is totally different from UPI Lite within the sense that it has been launched for characteristic telephones and works with out the web as nicely. The UPI 123Pay permits characteristic telephone customers to make funds utilizing any of the next choices: IVR Based Payment answer, missed name, sound-based expertise, and cost app.
The UPI 123Pay is totally freed from value, which is to say there aren’t any transaction costs as of but. Additionally, the cost platform helps seven languages, particularly English, Hindi, Kannada, Tamil, Bengali, Malayalam, and Telugu.
How is UPI Lite totally different from UPI 123Pay
|UPI Lite||UPI 123Pay|
|An on-device pockets characteristic that enables customers to make real-time small-value funds with out utilizing UPI Pin||A characteristic telephone choice that lets you make Unified Payments Interface funds|
|Can solely be used on a smartphone||Is appropriate with characteristic telephones|
|UPI Lite is partially offline||You don’t want an lively web connection|
|1 cost gateway||4 cost options|
How UPI Lite and UPI 123Pay work
UPI Lite and UPI 123Pay each comply with a unique method. Read on to learn how they work:
You must obtain and set up the Bhim app in your smartphone.
- Open the app and log in so as to add a checking account for UPI transactions.
- Navigate to the underside of the web page and click on on the UPI Lite Banner.
- Tap on “Enable now.”
- Enable UPI Lite.
- Enter the UPI pin.
- Your UPI Lite eWallet might be activated as soon as the quantity is transferred.
The UPI 123Pay works by way of missed name, IVR, and the app. If your characteristic telephone has the app put in, you possibly can register your self and make the cost with out the web. Otherwise, you’ll have to use miss name and IVR providers.
However, as a way to make cost, you’ll have to first hyperlink your checking account and setup UPI pin. Here’s how it’s performed:
- From your registered cellular quantity, Call any of the IVR numbers – 08045163666, 08045163581, 6366200200
- Select your language. The UPI 123Pay at the moment helps three languages: Hindi, English, and Kannada
- Choose your financial institution
- Enter debit card particulars
- Setup pin. This manner your account might be registered by way of UPI 123Pay
1. Are UPI Lite and UPI 123Pay secure to ship cash?
It is fully secure to ship cash by way of the portals talked about above. For the previous, you want a smartphone; for the latter, you should utilize a major characteristic telephone.
2. Can you employ UPI 123Pay on a smartphone?
Per NPCI, UPI 123Pay is a collection of options developed for non-smartphone or characteristic telephone customers to make use of the UPI with out web connectivity. So, I’m guessing you possibly can’t use UPI 123Pay on a smartphone.
3. What is the higher restrict of UPI Lite?
Users can ship a most of Rs 200 at a time by way of UPI Lite, as per a launch issued by the National Payments Corporation of India (NPCI). The whole restrict of UPI Lite stability for on-device pockets, nevertheless, is ready at Rs 2,000.