Paytm Payments Bank has finally rolled out Paytm UPI Lite support for iOS platforms. The UPI Lite feature will allow iPhone users to make secure and fast transactions without entering a UPI PIN. Along with the UPI Lite support for iOS, Paytm has also a slew of new features RuPay Credit Card on UPI, Split Bill and alternate UPI ID that hides mobile numbers.
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UPI Lite is a simplified version of the Unified Payments Interface (UPI) payment system that was launched by the National Payments Corporation of India (NPCI) in September 2022. UPI Lite is designed to make it easier and faster to make small-value transactions, such as payments for groceries or low-priced single items.
What is UPI Lite
UPI Lite works by creating an on-device wallet that can be used to store up to Rs. 2,000. The feature is available on a number of popular payment apps including Paytm and Phone. However, Paytm was the first payments bank to launch UPI Lite on its Super App. Now, it has also brought UPI Lite to iOS platforms.
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Once set up the UPI Lite enables a user to make instant and secure transactions of up to Rs 200 without any hassle. A user can add up to Rs 2,000 to UPI Lite twice a day, which means the total daily usage can be up to Rs 4,000.
How to use Paytm UPI Lite on iPhone
To use UPI Lite, users simply need to add money to their Paytm wallet and then scan the QR code of the merchant they want to pay. The transaction will be processed instantly and without the need for a PIN.
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Here is a step-by-step guide to initiate transactions via Paytm UPI Lite.
- Open the Paytm app.
- Tap on the “UPI Lite” icon on the home screen.
- Enter your bank account details and confirm.
- Add money to your UPI Lite wallet.
- To make a payment, select the “UPI Lite” option.
- Enter the recipient’s UPI ID or scan their QR code.
- Enter the amount you want to pay.
- Tap on “Pay”.
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However here are some of the things you should keep in mind when using UPI Lite:
- The maximum amount you can add to your UPI Lite wallet is Rs. 2,000.
- The maximum amount you can pay using UPI Lite is Rs. 200 per transaction.
- You can make a maximum of 20 transactions per day using UPI Lite.
- UPI Lite is only available for bank accounts that support this feature.
Paytm notes that it offers3 -level bank-grade security to Paytm UPI Lite. It also offers convenience by not showing individual payments in the bank passbook. Instead, it only shows a single entry for adding UPI Lite balance. This gives a clean bank statement to the user. Paytm UPI Lite is supported by 13 banks, including Paytm Payments Bank, ICICI Bank, HDFC Bank, SBI, and Kotak Mahindra Bank.
