In what could give a significant leg up to the public Payments Corporation of India’s (NPCI) UPI (Unified Payments Interface) Lite immolation, two leading third-party platforms – Paytm and PhonePe – are in advanced stages of integration to enable the product that allows deals of over to Rs 200 without using a UPI Leg, sources apprehensive of the development told ET.
Fintech unicorns Paytm and PhonePe are in the advanced stages of integrating Unified Payments Interface (UPI) Lite immolations into their digital payment apps. Through this integration, Paytm and PhonePe will enable druggies to make small-ticket deals of over INR 200 without using a UPI leg to druggies. As per an ET report, Paytm will go live with UPI Lite on its app within a month and post that, PhonePe would introduce UPI Lite on its digital payment app. In September last time, Reserve Bank of India governor Shaktikanta Das launched UPI Lite to make low- value UPI payments briskly and simpler. UPI Lite is an on-device portmanteau point that will allow druggies to make real-time small-value payments of over to Rs 200 without using a UPI Leg.
At present, only disbenefit from your portmanteau is permitted and all credits to UPI Lite, including refunds, will directly go to your bank account. While Walmart-possessed PhonePe has the largest request share of UPI deals from consumers, Paytm is a distant third player after Google Pay – also generally appertained as GPay.
In December 2022, PhonePe clocked367.42 crore UPI deals worth Rs 6.39 lakh crore, while GPay recorded 271.23 crore deals worth Rs 4.40 lakh crore. Paytm crore deals worth Rs 1.18 lakh crore, according to NPCI data. In December, BHIM saw 2.55 crore deals worth Rs,400 crore. Paytm will be the first to launch UPI Lite on its app, with a launch listed for this month itself. PhonePe will launch UPI Lite on its app soon after that, says the report. Slice, which was preliminarily a BNPL player, has rotated to go big on UPI on its app. It’s also reported to be working hard on bringing UPI Lite soon.