One97 Communications Limited (OCL), which owns payments and financial services company Paytm, on Monday (May 13), said it is now focusing on Unified Payments Interface (UPI) Lite wallet to move the users who prefer wallet for low-value everyday payments.
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Paytm UPI Lite acts as an on-device wallet, allowing users to store up to ₹4,000 daily and make payments on the go.
It is designed for fast, secure, and reliable payments, allowing users to make instant, fail-proof transactions of up to ₹ 500 each.
As per National Payments Corporation of India (NPCI), the solution runs off existing UPI ecosystem protocols for mobile phones to ensure commonality, compliance and system acceptance.
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“UPI LITE experience is intended to be a customer-friendly approach to enabling low value transactions without utilising a remitter bank’s core banking systems in real-time,” NPCI said.
Here are steps to enable UPI Lite payments on Paytm app:
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Step 1: Go to Paytm app, and click on ‘UPI Lite Activate’ icon on the homepage
Step 2: Choose the bank account that you want to use with UPI Lite
Step 3: Enter the amount you wish to add to UPI Lite to start the payments
Step 4: Validate the MPIN to create your UPI Lite account
Further, to make payments using UPI Lite wallet, users can scan any UPI QR code or enter the mobile number or choose one from the contacts list.
