Paytm Payments Bank becomes the only platform to exclusively offer UPI Lite payments, enabling faster real-time transactions with a single tap on the Paytm app. Paytm UPI Lite will never fail during peak transaction hours, irrespective of the success rate of banks, the company said in a statement on Friday.
Paytm introduces new UPI Lite feature
Paytm UPI Lite aims to make digital payments more accessible to people across the country.
UPI Lite, enabled by the National Payments Corporation of India (NPCI), helps users perform multiple small-value UPI transactions without using a PIN.
Using Paytm UPI Lite, users can make quick and seamless transactions worth up to Rs 200 in one go at lightning-fast speeds.
“It provides superfast, convenient and hassle-free transaction experience as users are not required to enter the PIN every time they make a payment. Also, users can transfer their UPI balance back to the same bank account without any charges are,” the company said.
With this, only one money transfer entry is made to the user’s bank account as declared by the bank statement as the customers will receive an SMS from the bank daily containing the history of all UPI Lite transactions done during the previous day.
To boost adoption, the company said it is offering Rs 100 cashback to users for activating UPI Lite and adding Rs 1,000 as balance.
“As the pioneers of QR and mobile payments, we have taken UPI to every nook and corner of the country. Taking a step forward in our commitment towards scalable and never failing payments, we are proud to launch UPI LITE. With Paytm UPI, payments never fail, transactions are superfast and you don’t see clutter in your bank statement,” said a Paytm Payments Bank spokesperson.
Currently, nine banks support Paytm UPI Lite – Canara Bank, Central Bank of India, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India and Utkarsh Small Finance Bank.
Paytm Payments Bank is a leader in UPI peer to merchant (P2M) payments as the largest acquirer and beneficiary bank as well as a major sending bank.
With inputs from IANS
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