Paytm Payments Bank has recorded over 5 crore UPI Lite transactions so far, with over 90 lakh users. Having been the first payments Bank to go live with UPI Lite, Paytm UPI Lite has recorded a total transaction GMV of Rs 280 crore so far, the company said in a statement.
Furthermore, over 63 percent of all UPI lite payments on Paytm QR are from Paytm app.
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“The recent announcement on UPI Lite by the Reserve Bank of India (RBI) to increase the transaction limit from Rs 200 to Rs 500 and enable offline payments with Near Field Communication (NFC) technology, will further boost the adoption of Paytm UPI Lite. This will also save the core banking system from stress, as the transactions will happen directly between a device and NPCI, not using the core banking system,” the lender said.
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With Paytm UPI Lite, users can make single-click payments even when banks have success rate issues during peak transaction hours.
Individual payments made through UPI Lite are not shown in the bank passbook, offering a clean bank statement with only a single entry for adding UPI Lite balance which is a maximum of Rs 2,000 that can be added twice a day, making the cumulative daily usage up to Rs 4,000.
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Paytm Payments Bank Spokesperson said, “The introduction of offline payments through UPI Lite, will be our UPI’s next rocket ship of payments, which will soon make instant transactions possible even in areas with limited or no network coverage. This will further increase the adoption of Paytm UPI Lite.”
