With India’s mobile payments witnessing remarkable growth, people are taking to UPI for even the smallest of payments. From a cup of tea to evening snacks, daily payments are increasingly moving to UPI.
But its stellar growth has brought with it an unexpected set of challenges of its own. In India, as per NPCI data, 300 million transactions are processed on a daily basis, and sometimes bank servers struggle with the load during peak hours leading to payment failures in very few cases. While UPI is already super fast, Paytm UPI Lite has now solved the remaining friction points so payments can occur more smoothly.
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Powered by Paytm Payments Bank’s robust technology, users on the Paytm app can make payments with UPI Lite, which has been designed by India’s QR and mobile payments pioneer Paytm to make small-value transactions easier and quicker. Paytm UPI Lite has been created to efficiently handle the high volume of low-value transactions, improving the overall performance of the UPI system.
The chances of transaction failure are lower with Paytm UPI Lite, making it a more dependable option for payments. The on-device UPI Lite wallet housed within the Paytm app can hold a maximum balance of ₹2,000 at any given time, allowing users to make multiple transactions within the limit. With a maximum single transaction limit of ₹200 and a cumulative daily limit of ₹4,000, it’s perfect for regular transactions like grocery shopping or buying small items. Unlike traditional UPI transactions, UPI Lite transactions do not require the entry of a 4 or 6-digit PIN, streamlining the process further.
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The introduction of UPI Lite by Paytm has resulted in several key benefits for users, including less clutter on bank passbooks due to the reduced number of transaction details, easier small-value transactions, and the ability to make multiple payments of a low amount without a cap on the number of transactions. Paytm has seen tremendous success with UPI Lite as more than 60 lakh users have signed up for the feature since its launch in February 2023.
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Users have lauded the convenience and speed of Paytm UPI Lite, which has become a lifesaver for daily transactions. Paytm was the first major mobile payments app to incorporate UPI Lite, which has been developed by the National Payments Corporation of India (NPCI). Paytm has emerged as a beacon of convenience and efficiency with its innovations progressing with the rapid evolution of digital payments in India.
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