Axis Bank has launched UPI LITE, a new feature that will enable customers to make instant payments with just one tap for small value transactions up to ₹200 without using a UPI PIN.
Customers can manage their LITE Account in the UPI App where they can view available balance, and transaction history, and do top-ups, the bank said in a release.
“This feature will currently work in UPI Apps which are supporting the UPI LITE feature and the customers have their Axis Bank Account in that UPI App,” it said.
Also read: Paytm UPI Lite: Know how to set up
UPI LITE was launched by National Payments Corporation of India (NPCI) in September 2022 to facilitate multiple hassle-free small value transactions during peak hours.
To avail the facility, customers will need to enable UPI LITE for Axis Bank in their UPI application, and then proceed to add funds to their LITE account from their Axis Bank account.
“We continue to scale our UPI growth through a dedicated UPI infrastructure and capacity to handle high TPS (transactions per second); 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,” said Sanjeev Moghe, President and Head - Cards & Payments.