UPI and UPI Lite: What Are the Differences

What is UPI? UPI is a 24*7 instant payment system that allows you to transfer money in real-time between two bank accounts.

What is UPI Lite? UPI Lite is an 'on-device wallet' feature that permits users to make real-time small-value payments.

What is the transaction limit of UPI? The upper limit per UPI transaction is Rs 2 lakh.

Transaction limit of UPI Lite The upper limit is Rs 200. The total balance of the on-device wallet is up to Rs 2,000.

Is PIN mandatory for UPI? Yes. A 4 to 6-digit PIN is mandatory.

Do you need a PIN to send money via UPI Lite? At present, you don't need a PIN to send money via UPI Lite.

Can you send and receive money via UPI? Yes, you can send and receive money via UPI.

Can you use UPI Lite to send and receive money? Currently, only debit from your UPI Lite wallet is allowed. All credits to the wallet, will directly go to your bank account.

Who can use UPI? Customers of more than 100 banks can use UPI via applications like BHIM, Google Pay, Paytm, PhonePe or mobile banking apps.

Who can use UPI Lite? UPI Lite feature has been enabled on the BHIM app. Currently, customers of eight banks can use this facility.