Paytm Payments Bank Ltd (PPBL) has introduced UPI LITE, a new feature enabled by the National Payments Corporation of India for small-value UPI transactions. This move is set to accelerate real-time transactions with just one click, promoting digital payments adoption in India.
The UPI LITE feature, designed by the NPCI and launched by the Reserve Bank of India in September 2022, is a wallet that allows users to carry out instant transactions of up to ₹200 with ease. A maximum of ₹2,000 can be added twice a day to UPI LITE, allowing for cumulative daily usage up to ₹4,000.
One key advantage of UPI LITE is that small-value transactions will only appear in the Paytm balance and history section, and not in the bank passbook. This distributed approach to authorising low-value transactions moves them away from the core banking system, improving the success rate of transactions and enhancing the user experience.
“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 per cent 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,” said Praveena Rai, COO, NPCI.
As part of its commitment to digital inclusion, Paytm Payments Bank is the first payments bank to launch this innovative UPI LITE feature. Users can carry out a large number of small-value UPI payments quickly and securely without worrying about the cap on the number of bank transactions.
“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 a superior experience with faster and safer real-time small value payments,” said Surinder Chawla, MD and CEO, Paytm Payments Bank.
With 1,726.94 million transactions in December 2022, the bank has remained the largest UPI beneficiary bank for 19 months in a row, ahead of all major banks in the country. Additionally, with 386.50 million registered transactions, the bank is one of the top 10 remitter banks for UPI transactions, according to NPCI’s latest report. The bank is also a leading issuer and acquirer bank for the National Electronics Toll Collection (NETC) FASTag.
In conclusion, UPI LITE is set to transform the Indian digital payments landscape, making small-value transactions faster, safer, and more accessible. Paytm Payments Bank’s focus on digital inclusion and innovation places it at the forefront of this transformation, making it an ideal partner for anyone looking to make digital payments quickly and easily.
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