UPI 123 PAY vs. UPI Lite: Unraveling the Future of Digital Payments

UPI 123 PAY vs. UPI Lite – full information here

UPI 123 PAY vs. UPI Lite, UPI 123 PAY Was launched in March 2022 it was created by the Reserve Bank of India and NPCI which helps millions of users in India to do digital transactions smoothly, With the help of this feature you can easily transfer any amount of money digitally from one blank to another by simply linking the mobile number with your bank account.

UPI Lite was launched on September 20, 2022, and is specifically designed to speed up the transaction process. This feature helps the user transfer up to 200 rs without entering the UPI code on their mobile phone.

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Meaning of UPI

UPI 123 PAY vs. UPI Lite, The full form of UPI is a “unified payment interface” that allows the user to transfer any kind of money between two bank accounts with the help of a mobile phone it is a system that is created by RBI in which you don’t have to give you private information to transform money.

UPI123PAY

To turn the transaction digital and decrease payment in cash reserve Bank of India introduced the UPI123PAY which with the help of a mobile phone users can easily transfer money from one bank account to another bank account you just have to scan a QR code to transfer the required amount.

Let’s see how you can use this –

• Link your bank account with UPI.
• With the help of a debit or credit card create an upi pin.
• Select the service you want by dialing the IVR number.
• You have to choose a service you want before making a payment.

UPI Lite

UPI Lite is a type of digital wallet in which you can carry a small amount of cash to make the payment and the user can also use this payment method offline any UPI Lite can carry up to 200 rs and you can make the payment without entering the up pin code.

So let’s see how it works –

To use UPI Lite you have to simply log in to the app and connect UPI Lite with the required bank account It doesn’t require a separate PIN code or authentication you can use it without the up pin.

Conclusion

UPI 123 PAY vs. UPI Lite, UPI123PAY is a transaction service that helps you to make transactions from one bank account to another bank account By just entering the required credentials into any online paying app, Whereas UPI Lite is a type of digital wallet in which you can a small amount of money up to 200 rupees and you can make a payment without entering the UPI PIN.

So in this article, we have discussed UPI123 and UPI Lite in detail we have differentiated and discussed both services in brief and we have also mentioned how they work.

Frequently Asked Questions (FAQ) –