Paytm’s Payments Bank has incorporated UPI Lite, which is meant to ease the process of sending and receiving money via UPI. For those who don’t know, UPI Lite was introduced by the National Payments Corporation of India (NPCI) back in September 2022 after being announced in March last year. Check out what this is all about.
Paytm UPI Lite Introduced
Paytm UPI Lite will allow users to make small-value transactions of up to Rs 200 faster and without the need for using the UPI Pin via the Paytm app. With this implementation, Paytm Payments Bank Limited (PPBL) has become the first to launch UPI Lite. This comes after PPBL was recently granted the status of Bharat Bill Payment System by RBI.
Users can top up their UPI Lite Wallet by adding up to Rs 2,000 twice a day, totaling up to a daily limit of Rs 4,000. There can be numerous transactions using UPI Lite without caring about the limit on the bank transactions.
NPCI and RBI’s UPI Lite is meant to increase digital transactions in the country and also de-clutters the bank passbook. This is because these small-value transactions will only be reflected in the Paytm balance and history section.
Commenting on the launch, Surinder Chawla, MD and CEO, Paytm Payments Bank, said, “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 Rs 200 and with UPI LITE, users get a 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.“
To recall, Paytm Payments Bank also introduced the ability for users to instantly send money (and vice-versa) to any phone number with a registered UPI ID via the Paytm app. As of January 2023, PPBL has seen over 1,765.87 million transactions more than any major bank in India. So, what are your thoughts about Paytm UPI Lite? Let us know in the comments below.