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How is UPI lite different from wallet?
- UPI Lite is an on-device wallet specifically for small-value payments, allowing transactions up to ₹1,000 without needing a UPI PIN, while traditional wallets require loading money beforehand and may need authentication for each payment.
- UPI Lite transactions directly debit a prepaid balance linked to the user's bank account, providing real-time fund transfers, unlike wallets that hold a separate stored balance and may involve slower reloads.
- UPI Lite works seamlessly even in low connectivity areas and does not clutter bank statements with every transaction, whereas wallet transactions reflect differently depending on the wallet provider and usually require internet connectivity.