Paytm Payments Bank has introduced a new functionality in its app that aims to make small transactions easier and faster. The company has announced that it has enabled NPCI’s (National Payments Corporation of India) UPI Lite functionality on its platform.
The availability of UPI Lite functionality enables Paytm users to make instant transactions of up to Rs 200 without providing multiple rounds of approval and without the hassle of entering a PIN. With UPI Lite, Paytm users can add up to Rs 2,000 to their UPI Lite wallet twice a day, taking the cumulative daily usage up to Rs 4,000.
? UPI Lite on Paytm app is now live for all beta users on Android!
One-tap payments with 3-layer security on all your small payments up to ₹200 per day, enjoy a clutter-free passbook!* ✅
now try: https://t.co/Fal4oPG5hh
*T&C apply#PaytmSeUPI
— Paytm (@Paytm) February 16, 2023
https://platform.twitter.com/widgets.js
“We are very excited to launch UPI Lite on Paytm Payments Bank. UPI LITE provides users with a fast, secure and seamless low-value transaction experience. With over 50% of transactions below ₹200 through UPI UPI LITE will successfully provide a distributed way of authorizing low value transactions, taking them away from core banking,” Praveena Rai, COO, NPCI, said on the occasion.
As far as availability is concerned, Paytm said that UPI Lite is available on the Paytm app for all beta users on Android. There is no word on when the feature will be available in Paytm’s iOS app.
What is UPI Lite
NPCI launched UPI Lite last year to make small transactions easier and faster. It enables users to do small transactions of up to Rs 200 with the on-device wallet without using a PIN, unlike other transactions online. Its benefits include providing one-click single factor authentication for UPI transactions, less infrastructure load on the bank, higher success rate of UPI transactions and clutter free passbooks for users.
At the time of launch, UPI Lite was available only in NPCI’s BHIM app. Over time, other banks including Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India and Utkarsh Small Finance Bank rolled out this facility for their users. Now, Paytm Payments Bank is the latest one to roll out the functionality for its users.
The post Paytm Payments Bank After Getting Support for UPI Lite: Here’s What It Means for You appeared first on Techlusive.
