Chennai:
India’s homegrown Paytm Payments Bank Limited (PPBL), has gone live with UPI LITE, empowering its users with lightning fast UPI payments that never fail. With this, users can activate their UPI LITE accounts linked to their Paytm Payments Bank savings accounts for hassle-free transactions. For payments of up to ₹200, UPI Lite eliminates the need of UPI PIN. UPI LITE is exclusively available on Paytm app.
Paytm Bank is #1 in UPI the largest acquiring and beneficiary bank along with being one of the leading remitter banks. As the first payments bank to UPI LITE, the Bank continues in its tradition of building technology-led innovative solutions for its users, revolutionisingeveryday transactions.
UPI LITE, a feature enabled by National Payments Corporation of India (NPCI) for multiple small value UPI transactions, was launched first on the Paytm app. With UPI LITE, users can carry out a large number of small value UPI payments without worrying about the bank cap on UPI transactions.
Once loaded, a UPI LITE allows a user to do instant transactions of up to ₹200, making the entire experience secure and seamless. A maximum of ₹2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to ₹4,000.
Further, payments made using UPI LITE de-clutters the passbook of PPB users. 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.
