Paytm Payments Bank Limited (PPBL) has launched UPI LITE, a new feature enabled by the National Payments Corporation of India, that facilitates quick and real-time transactions for multiple small value UPI transactions. With this feature, Paytm Bank aims to promote adoption of digital payments in India, as per the company.
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According to Paytm, the money transferring app is the first payments bank to launch UPI LITE. “Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to ₹200, making the entire experience quick 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.”
The company claims that introduction of UPI LITE by Paytm Payments Bank Limited enables users to perform numerous small value UPI transactions with incredible speed, without being limited by transaction caps imposed by banks.
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UPI LITE, which was created by the National Payments Corporation of India (NPCI), was introduced by the Reserve Bank of India in September 2022. The feature simplifies small value transactions and reduces clutter in the user’s bank passbook, as these transactions will now only be displayed in the Paytm balance and history section, rather than in the bank passbook.
Recently, the Paytm Founder Vijay Shekhar Sharma tweeted and urged people to switch to Paytm for faster UPI experience. His tweet read, “Very proud of launching with @UPI_NPCI our latest in commitment to payments that are scalable and never fail. Upgrade your UPI experience by switching to @Paytm App ! Here payments never fail, tx are super fast and you don’t see clutter in your bank statement!
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Paytm Payments Bank recently announced, stating that users can now use the Paytm app to send and receive money instantly to any mobile number with a registered UPI ID, regardless of the platform being used. According to the company, this move has strengthened the interoperability of the Unified Payments Interface (UPI) and encourages the widespread adoption of mobile payments.
