Cryptocurrency Q&A
Which payment app doesn t need KYC?
Which payment app doesn t need KYC?
alexander_watson_astronaut
Tue Oct 08 2024
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5 answers
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I'm curious to know which payment app currently operates without the requirement for Know Your Customer (KYC) verification. With the increasing emphasis on regulatory compliance and security measures, it seems that many popular payment platforms now mandate KYC checks for users. Could you shed some light on any payment apps that still manage to operate without these checks, and what are the potential implications or risks associated with using such services?
5 answers
EchoWave
Wed Oct 09 2024
Another important aspect of UPI Lite is the focus on smaller transactions. With a per-transaction limit of ₹500 INR and a daily limit of ₹4,000 INR, it is clear that UPI Lite is designed for everyday, low-value transactions. This sets it apart from traditional UPI payments, which may have higher transaction limits.
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Claudio
Wed Oct 09 2024
UPI Lite is an innovative online wallet service that offers a seamless payment experience without the necessity of a UPI PIN on the Google Pay app. This feature distinguishes it from traditional UPI payments, providing users with greater convenience and flexibility.
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Valeria
Wed Oct 09 2024
One of the key advantages of UPI Lite is that it does not require an e-KYC process, making it accessible to a wider range of users. This means that anyone with a smartphone and a Google Pay account can start using UPI Lite right away.
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benjamin_cole_nurse
Wed Oct 09 2024
In terms of transaction limits, UPI Lite allows users to make payments up to ₹500 INR per transaction. Furthermore, users can have multiple transactions throughout the day, up to a total of ₹4,000 INR. This provides a sufficient amount of flexibility for users to make small and frequent payments.
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Giulia
Wed Oct 09 2024
So, how does UPI Lite differ from traditional UPI payments? Firstly, the most notable difference is the absence of a UPI PIN requirement, which simplifies the payment process significantly. Additionally, the absence of an e-KYC process makes UPI Lite more accessible to users.
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