Paytm Payments Bank Limited (PPBL) recently launched UPI Lite, a new feature enabled by the National Payments Corporation of India (NPCI) that uses UPI’s platform to enable multiple low-value transactions quickly and without a PIN. does to provide. While some may see it as a competitor to traditional UPI transactions, Paytm thinks otherwise.
During our conversation Shreyas Srinivasan, Chief Product Officer, Consumer Products, Paytm told us that he sees UPI Lite not as a substitute for UPI but as an add-on to the existing system.
He also told us that Paytm Payments Bank is currently the only platform to offer UPI Lite payments and it does not fail, even during peak transaction hours when banks have success rate issues.
“We are the first app to support UPI LITE and it will help the user to do secure and fast transactions even when the internet is slow. Anyone can pay anyone without any restrictions with Paytm UPI Lite. Currently, lakhs of users are already using UPI and 30 per cent more users are being added every 2 or 3 days. Currently, 10 banks support Paytm UPI Lite – Paytm Payments Bank, 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. Srinivasan told us.
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 UPI balance back to the same bank account without any charges,” said Srinivasan.
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.
With UPI LITE, users can make a large number of small value UPI payments without worrying about any bank transaction limits. This makes way for a hassle free payment experience. With a secure on-device balance, UPI LITE makes daily small value transactions superfast by eliminating the need to enter UPI PIN for every payment.
Once loaded, UPI Lite allows the user to make instant transactions of up to Rs 200, making the entire experience quick and seamless. A maximum of Rs 2,000 can be added to UPI LITE twice a day, taking the cumulative daily usage up to Rs 4,000.
Also, payments made using UPI Lite clutter up the bank passbook. These small value transactions will now be reflected in the Paytm balance and history section. According to NPCI, the daily transaction history of all payments made through UPI Lite will be received as an SMS from their respective banks.
Paytm’s Shreyas Srinivasan says that Post UPI Lite is not a substitute, but an add-on to UPI.