In an effort to make digital payments more accessible to people across India, Paytm Payments Bank has become the only platform to exclusively offer UPI LITE payments. According to Paytm, this new feature enables faster, real-time transactions with a single tap on the app, and will never fail, even during peak transaction hours when banks have success rate issues.
UPI LITE, enabled by the National Payments Corporation of India (NPCI), is designed to allow users to carry out multiple small-value UPI transactions without using a PIN.
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“Using Paytm UPI LITE, users can carry out quick and seamless transactions of value up to Rs 200 at a time at a lightning-fast speed. It provides a superfast, convenient and hassle-free transaction experience as users don’t have to enter a PIN every time they make a payment. Moreover, users can transfer UPI balance back to the same bank account anytime, without any charges,” the company said in a statement.
One money transfer entry is made in the user’s bank account, decluttering bank statements, and customers will receive an SMS from the bank containing a history of all UPI LITE transactions made during the previous day.
To drive adoption, the company is offering Rs 100 cashback to users for activating UPI LITE and adding Rs 1000 as a balance.
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“As pioneers of QR and mobile payments, we have taken UPI to every nook and corner of the country. We are proud to launch UPI LITE as a step forward in our commitment to payments that are scalable and never fail. With Paytm UPI, payments never fail, transactions are super fast, and you don’t see clutter in your bank statement,” said a spokesperson for Paytm Payments Bank.
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.
