Axis Bank enables UPI LITE for faster and seamless transactions for its customers
Mumbai, March 18th, 2023: Axis Bank, India’s third largest private sector bank today launched UPI LITE, a new feature which will enable customers to make instant payments with just one tap for small value transactions upto Rs. 200 without using a UPI PIN. Customers can manage their LITE Account in the UPI App where they can view available balance, transaction history and do top-ups.
UPI LITE solution was launched by National Payments Corporation of India in September, 2022 and Axis Bank has been one of the early adopters of this innovation.
To avail 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. One of the benefits of this feature is that customers can even make multiple small value transactions during the peak hours hassle-free.
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”
(*) Currently only two UPI Apps are supporting UPI LITE and more UPI Apps will be enabling this solution in the near future