Google Pay’s New Feature: Pay Without UPI PIN for Small Transactions in 2023
The capability may be made available to users by entering into the Google Pay app, going to their profile page, and selecting “activate UPI LITE.”
On Thursday, Google Pay, a payment service, added UPI LITE to its platform to facilitate quick digital payments. According to the search engine giant, users of UPI Lite may load up to Rs 4,000 per day for fast transactions that can only be made in increments of Rs 200.
The NPCI created UPI LITE accounts for quick transactions without entering the UPI PIN. The NPCI created UPI LITE accounts for fast transactions without entering the UPI PIN. According to the firm, these accounts are linked to users’ bank accounts but do not rely on the issuing bank’s core banking system in real time. Consequently, the company claims that UPI LITE accounts have more excellent payment success rates even during peak transaction times and a less cluttered bank passbook.
The capability may be made available to users by entering into the Google Pay app, going to their profile page, and selecting “activate UPI LITE.” According to the NPCI website, Google joins companies like BHIM, Paytm, and PhonePe as well as 15 banks, including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, and Punjab National Bank, in launching the service on its platform. According to Ambarish Kenghe, VP of Product Management at Google, the country’s continued acceptance of digital payments depends on its distinctive services and use cases.
With the introduction of UPI LITE on our platform, we aim to simplify small-value transactions by providing users with a convenient, compact, and quick payment experience. The Reserve Bank of India added a new feature in September 2022.
Google Pay has introduced a new feature that simplifies digital payments and eliminates the need for a UPI PIN for small transactions. This innovation is expected to enhance the speed and convenience of digital transactions, adding a new level of simplicity to the digital payments landscape.
Google Pay is an online payment system that allows users to make payments directly from their bank accounts using UPI, an instant real-time payment system developed by the National Payments Corporation of India.
Previously, a UPI PIN was required for all transactions conducted through Google Pay, a safety measure meant to protect users from fraudulent transactions. However, Google Pay has now introduced a new feature that allows transactions to be completed without entering a UPI PIN for small amounts.
This feature is targeted at small, fast, and frequent transactions. It benefits small merchants and businesses relying on speedy transactions for their day-to-day operations. It also streamlines the process for consumers purchasing low-value goods and services, making it a seamless and convenient experience.
Users can set up this feature by navigating to the Google Pay app’s settings and enabling the ‘Quick transactions’ option. Once enabled, users can conduct transactions up to a specific limit without entering their UPI PIN. The limit for PIN-less transactions is currently set at INR 200 for Indian users. It’s important to note that this limit may vary from one country to another, aligning with each region’s specific regulations and guidelines.
While introducing PIN-less transactions could raise some security concerns, Google Pay has implemented robust measures to ensure the safety of its users’ funds. The feature is optional, meaning that users who prefer to authenticate all transactions with their UPI PIN can continue to do so. Moreover, users can set their transaction limit based on their comfort level.
In addition to these measures, Google Pay’s inherent security mechanisms, such as two-factor authentication, encryption, and fraud protection, continue to provide a safe transaction environment.
The introduction of PIN-less transactions for small amounts on Google Pay marks a significant stride towards simplifying digital payments. The aim is to make digital transactions as fast and convenient as cash transactions without compromising security. As technology continues to evolve, we anticipate more innovations in digital payments.
Users can benefit from staying up-to-date with the latest digital payment developments to utilise these evolving platforms’ convenience and security fully.
