Paytm had introduced UPI Lite in its Android app in beta last month. Shortly after, the company rolled out the functionality to all its Android users across the country, allowing them to make small value transactions of up to Rs 200 almost instantly without a PIN. Along with this development, we sat down with Shreyas Srinivasan, Chief Product Officer, Paytm and CEO of Paytm Insider, to understand the nuances around UPI Lite adoption and how UPI as a platform has impacted Paytm’s core business. Impressed.
UPI Lite on iOS
Now, it is worth noting that while Paytm has made UPI Lite available to all its Android users, iOS users are yet to receive the update. During our conversation, Srinivasan said that UPI Lite will be made available for iOS users in the next two to three weeks. “We are working on it. I think in the next two-three weeks you should have it on iOS as well.
Importance of UPI Lite
During our conversation about UPI Lite, the Paytm executive also talked about the importance of UPI Lite as a service. He listed two reasons why UPI Lite is an important step in India’s digitization journey. The first is that it increases the success rate of UPI transactions. And two, it is a more concise representation of users’ finances, a functionality that standard UPI transactions lack. This feature can come in handy, especially in scenarios where users are printing passbooks or keeping track of all their expenses.
“…usually 6:30 to 7:30 is the peak period when a lot of people do transactions. There is a lot of load on the banks at this time… That’s where both of us, we and NPCI, in which the ecosystem Everyone involved in the system understood that this is the time we need to increase the overall success rate. And the way to increase the success rate is to get your balance deposited outside the banks. And then during the peak time You can use the balance outside your bank account so that your bank account doesn’t get hit much. So that stability and success rate keep increasing. That’s what UPI Lite is all about,” said the Paytm executive.
“That’s what UPI Lite does. This allows you to have a better success rate even when there is a significant load on the banking infrastructure.
“Two..UPI Lite has been improved in that it shows you only one debit and one credit transaction in your bank passbook…so your bank passbook has become simpler. Those are the two things where we’re gung-ho. We see a lot of transactions below Rs 200. We are very excited that a large portion of those transactions will be migrated to UPI Lite,” he added.
UPI interoperability and its impact on Paytm
During our conversation, we also talked about the impact of UPI interoperability on Paytm. The Paytm executive told us that interoperability has been good for the company and that Paytm has seen a steady increase in the number of transactions over the past few months.
NPCI announced interoperability for UPI numbers earlier this year, which enabled UPI users to use any app as their default app for receiving payments and in turn gave them more freedom of use Gave.
“…It’s been really positive for us… Anytime we have a phone number that we can’t cater to on Paytm, now using the interoperability, it’s called Mapper, we use mappers to complete transactions. And we have seen that the number of transactions has grown steadily in the last three months,” he said.
“We haven’t seen any major switching because of interoperability, but we have seen people who were super active on Paytm,” he said.
Paytm e-wallet in the UPI era
Lastly, we also touched on the topic of how UPI transactions and UPI Lite have impacted Paytm’s core e-wallet business. Interestingly, Srinivasan shared that Paytm’s wallet business has grown despite the growing popularity of UPI in India.
“Paytm Wallet business has really grown every year… If you look at Paytm Wallet, apart from UPI Lite, Paytm Wallet is now going to be interoperable, which means now you can use Paytm Wallet for any payment. Are. UPI, which now drives adoption,” Srinivasan told TechLucky.
“We feel that the Paytm app gives users the flexibility to select the device they want to make payments and we have seen Paytm Wallet grow as we specialize in a set of use-cases,” he added.
UPI Lite will be available on iOS in 2-3 weeks: Paytm CPO Shreyas Srinivasan appeared first on Techlusive.
