Paytm Payments Bank Limited introduces Paytm UPI Lite: What is it, how does it work, and more – Times of India
Paytm Payments Bank Limited (PPBL) has launched UPI Lite, a feature provided by the National Payments Corporation of India for conducting numerous small-value UPI transactions in real-time with just a single click on Paytm. Through the adoption of UPI Lite, the bank intends to promote the use of digital payments throughout the nation by facilitating faster transactions.
The bank has become the pioneer among payments banks to introduce UPI Lite.
What is UPI Lite
Using UPI Lite, users can perform many UPI payments with small values at a lightning-fast speed without being concerned about the limit on the number of bank transactions. The UPI Lite facilitates a trouble-free payment experience.
UPI Lite simplifies the bank passbook by removing small-value transactions from it. These payments will only appear in the Paytm balance and history section rather than the bank passbook.
How does Paytm UPI Lite works
Upon loading, the UPI Lite wallet allows a user to conduct prompt and smooth transactions of up to ₹200. UPI LITE enables a maximum of ₹2,000 to be added twice a day, thereby allowing a total daily usage of up to ₹4,000.
Praveena Rai, COO of NPCI, said, “We are very excited to launch UPI LITE on Paytm Payments Bank. UPI LITE provides users a faster, secure, and seamless low-value transaction experience. With more than 50% of transactions through UPI below ₹200, UPI LITE will successfully provide a distributed way of authorising low value transactions, moving them away from core banking. This shall further improve the success rate of transactions, enhancing the user experience, and taking us one more step closer to processing a billion transactions a day on the UPI platform.”
Surinder Chawla, MD and CEO of Paytm Payments Bank, said, “We are a leader in UPI as the largest beneficiary bank, acquiring bank and a leading remitter bank. We are excited to be the first to empower Indians with the power of UPI LITE. As per official data from NPCI, half of the everyday UPI transactions in the country are less than ₹200 and with UPI LITE, users get superior experience with faster and safer real-time small value payments. We are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction.”
The bank has become the pioneer among payments banks to introduce UPI Lite.
What is UPI Lite
Using UPI Lite, users can perform many UPI payments with small values at a lightning-fast speed without being concerned about the limit on the number of bank transactions. The UPI Lite facilitates a trouble-free payment experience.
UPI Lite simplifies the bank passbook by removing small-value transactions from it. These payments will only appear in the Paytm balance and history section rather than the bank passbook.
How does Paytm UPI Lite works
Upon loading, the UPI Lite wallet allows a user to conduct prompt and smooth transactions of up to ₹200. UPI LITE enables a maximum of ₹2,000 to be added twice a day, thereby allowing a total daily usage of up to ₹4,000.
Praveena Rai, COO of NPCI, said, “We are very excited to launch UPI LITE on Paytm Payments Bank. UPI LITE provides users a faster, secure, and seamless low-value transaction experience. With more than 50% of transactions through UPI below ₹200, UPI LITE will successfully provide a distributed way of authorising low value transactions, moving them away from core banking. This shall further improve the success rate of transactions, enhancing the user experience, and taking us one more step closer to processing a billion transactions a day on the UPI platform.”
Surinder Chawla, MD and CEO of Paytm Payments Bank, said, “We are a leader in UPI as the largest beneficiary bank, acquiring bank and a leading remitter bank. We are excited to be the first to empower Indians with the power of UPI LITE. As per official data from NPCI, half of the everyday UPI transactions in the country are less than ₹200 and with UPI LITE, users get superior experience with faster and safer real-time small value payments. We are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction.”
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