FinTech news in Google Pay category

UPI Lite, which was first proposed earlier this year, processes payments below 200 Indian rupees ($2.5) and is aimed at lowering the burden on banks’ infrastructure, executives said at a conference Tuesday. He said a lighter version of the payments system, called UPI Lite, is now live in the country with eight banks including HDFC, SBI and Kotak. The payments network, which was built by a coalition of banks, is India’s attempt to challenge card companies in an open market, bring hundreds of millions of people into the fold of digital payments and curb the proliferation of corruption. On Tuesday, Das said two new offerings of UPI — one expands its usercase while the other will helps it continue to scale — have gone live.

Bengaluru-headquartered Slice, which became a unicorn late last year, plans to introduce UPI payments for its users within weeks, according to a source familiar with the matter. National Payments Corporation of India, the governing body that oversees UPI ecosystem, is also working to push new changes that are positioned to create a level-field among UPI players.