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Axis Bank Enables UPI Lite For Faster, Seamless Transactions

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HT Bureau

 

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GUWAHATI, March 17: Axis Bank launched UPI Lite, a new feature that will enable customers to make instant payments with just one tap for small value transactions up to INR200 without using a UPI PIN. Customers can manage their LITE account in the UPI App where they can view available balances, and transaction history and do top-ups. National Payments Corporation of India launched UPI lite solution in September 2022.

To avail of Axis Bank UPI LITE, the customers would need to enable UPI LITE for Axis Bank in their UPI Apps. They can use this feature by adding funds to their LITE account from their Axis Bank account. 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.

Commenting on the launch, Sanjeev Moghe, President & Head – Cards & Payments, at 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 payment 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 the adoption of the UPI LITE feature of NPCI will further strengthen the adoption rate.”

Praveena Rai, COO of, NPCI added, “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.”

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