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PhonePe, today announced that it has gone live with the UPI LITE feature on its app. The feature allows users to initiate low-value payments under Rs. 200, with a single tap from their UPI LITE account without entering a PIN.
Deep Agrawal, Head of Payments at PhonePe said, “This will help expand the overall UPI ecosystem, and also onboard new customers to the digital payments fold. UPI has become a global exemplar, and countries across the world are looking to implement it. Going forward, we are closely working with NPCI to take UPI international.’’
Around 80% of monthly active users on PhonePe have tokenized their cards following RBI’s tokenisation guideline and nearly 100% of eligible transactions on the app are securely processed via tokens now, PhonePe said.
The Payments Infrastructure Development Fund was set up by the Reserve Bank of India (RBI) to subsidize deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in Tier-3 to Tier-6 centres and North Eastern States of the country.
Leading digital payments giant, PhonePe launched its Smart Speaker for merchants to track payments at stores. The Smart Speaker has currently been launched in 8 cities, and over 100k devices are already being used by PhonePe merchant partners.
Private general insurer, Kotak Mahindra General Insurance Company has partnered with PhonePe Insurance Broking Services to offer motor insurance to…
PhonePe users can now invest in the 24K Gold of a specified amount every month and accumulate their Gold in insured bank-grade lockers maintained by PhonePe’s partners, MMTC-PAMP and SafeGold.
PhonePe processes over 2.5 billion transactions a month at an Annual TPV run rate of $780 billion.
Fintech Open will bring together regulators, fintech professionals and enthusiasts, industry leaders, the start-up community, and developers to collaborate, exchange ideas and innovate.
PhonePe, one of India’s leading digital payments platform announced it has digitised 25 million small merchants and Kirana stores in…