Paytm Payments Bank has launched UPI Lite Payments, which will enable customers to make payments up to ₹200 with one tap on the Paytm app. This service will never fail, even during peak transaction hours, when banks have success rate issues.
PPBL, the Paytm Payments Bank Limited, recently introduced UPI LITE, a feature that enables users to carry out UPI transactions with one click.
Paytm UPI LITE for Quick and Seamless Transactions
Paytm UPI LITE, enabled by National Payments Corporation of India (NPCI), enables users to easily and quickly make multiple small-value UPI transactions without the need of a PIN.
It is possible to make payments up to Rs. 200 at a time in a fast, convenient and hassle-free manner. Additionally, users can transfer UPI balance back to their bank account anytime, free of charge.
Through Paytm UPI LITE, a single money transfer entry is recorded in the user’s bank account, simplifying their bank statements. An SMS is sent to the customer from the bank daily which outlines a history of all UPI LITE transactions from the previous day.
To encourage users to activate and add at least ₹1000 as balance, the company is offering a ₹100 cashback. Currently, nine banks are supporting Paytm UPI LITE, such as 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.
Paytm Payments Bank is the biggest P2M acquirer and beneficiary bank, as well as a well-known remitter bank.
Speaking on the announcement, Paytm Payments Bank Spokesperson, said
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 superfast and you don’t see clutter in your bank statement.