Key Points of the UPI LITE feature:
- Paytm Payments Bank Limited (PPBL) has launched UPI LITE, a new feature that offers lightning-fast and hassle-free transactions for its users.
- Users can activate their UPI LITE accounts linked to their Paytm Payments Bank savings accounts, enabling them to carry out small value transactions of up to ₹200 without a UPI PIN.
- PPBL is the first payments bank to offer UPI LITE, continuing its tradition of building technology-led innovative solutions for its users.
- The feature is exclusively available on the Paytm app, making the entire experience secure and seamless.
- Users can carry out a large number of small value transactions without worrying about the bank cap on UPI transactions, making it convenient for them.
- Payments made using UPI LITE de-clutter the passbook of PPB users, and these small value transactions would now show in the Paytm balance and history section.
- PPBL remains the largest acquiring and beneficiary bank for UPI, with over 1,765.87 million transactions in January 2023, ahead of all major banks in the country.
- The launch of UPI LITE further strengthens Paytm Payments Bank’s position as a leading issuer and acquirer bank for National Electronics Toll Collection (NETC) FASTag and continues to drive financial inclusion in India.
Details of the UPI LITE feature:
Paytm Payments Bank Limited (PPBL) has recently launched UPI LITE, a lightning-fast payment feature that ensures hassle-free transactions for its users. The feature allows users to activate their UPI LITE accounts linked to their Paytm Payments Bank savings accounts, enabling them to carry out small value transactions of up to ₹200 without the need for a UPI PIN.
With this launch, PPBL becomes the first payments bank to offer UPI LITE, continuing its tradition of building technology-led innovative solutions for its users. This feature is exclusively available on the Paytm app, making the entire experience secure and seamless.
UPI LITE is a feature enabled by the National Payments Corporation of India (NPCI) for multiple small value UPI transactions. With UPI LITE, users can carry out a large number of small value transactions without worrying about the bank cap on UPI transactions.
A maximum of ₹2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to ₹4,000. Payments made using UPI LITE de-clutter the passbook of PPB users, and these small value transactions would now show in the Paytm balance and history section.
According to NPCI, users will receive a daily transaction history of all the payments made through UPI LITE as an SMS from their banks. The launch of UPI LITE further strengthens Paytm Payments Bank’s position as the largest acquiring and beneficiary bank for UPI, with over 1,765.87 million transactions in January 2023, ahead of all major banks in the country.
PPBL is also one of the leading issuers and acquirer banks for National Electronics Toll Collection (NETC) FASTag, processing 58.34 million transactions as an Issuer Bank and 47.71 million transactions as an Acquirer Bank in January 2023. PPBL remains one of the top 10 remitter banks for UPI transactions, with 389.61 million registered transactions, according to NPCI’s latest report.
A spokesperson for Paytm Payments Bank said, “We are excited to enable our Bank account holders to link their accounts with UPI LITE, providing them with lightning-fast payments that never fail. We continue to take our innovative payments offerings to the next level, driving financial inclusion in the country.”
In summary, the launch of UPI LITE by Paytm Payments Bank Limited empowers its users with lightning-fast UPI payments, providing hassle-free transactions for small value payments of up to ₹200. The feature is exclusively available on the Paytm app, and users can activate their UPI LITE accounts linked to their Paytm Payments Bank savings accounts. With this launch, PPBL remains the largest UPI beneficiary bank for 20 months in a row, ahead of all major banks in the country, and continues to drive financial inclusion in India.
About Paytm (One 97 Communications):
One 97 Communications (Paytm), established in 2000, is India’s foremost digital ecosystem for both consumers and merchants. It provides payment services, financial services, and commerce and cloud services to a clientele of over 333 million as of March 31, 2021, and has registered over 21 million merchants.
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