Paytm Payments Bank Limited (PPBL) is now live with its UPI LITE, a feature enable by National Payments Corporation of India for multiple small-value UPI transactions. This UPI LITE feature enables faster real-time transactions with a single click through Paytm as the bank aims to drive the adoption of digital payments across India.
Design by the National Payments Corporation of India (NPCI), UPI LITE was launch by the Reserve Bank of India in September 2022.
It also de-clutters the bank passbook of small value transactions, as these payments would now only show in the Paytm balance and history section, and not in the bank passbook.
As a part of its efforts to drive innovation, the Bank said it is the first payments bank to launch such UPI LITE feature.
As per release :
“When load, a UPI LITE wallet allows a user to do instant transactions of up to Rs 200, making the entire experience quick and seamless. A maximum of Rs 2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to Rs 4,000,”.
Praveena Rai, COO, NPCI Said :
“We are very excited to launch UPI LITE on Paytm Payments Bank. UPI LITE provides users a faster, secure, and seamless low-value transaction experience. With more than 50 per cent of transactions through UPI below Rs 200, UPI LITE will successfully provide a distributed way of authorising low-value transactions, moving them away from core banking,”.
“This shall further improve the success rate of transactions, enhancing the user experience, and taking us one more step closer to processing a billion transactions a day on the UPI platform,”.
National Payments Corporation of India (NPCI) was incorporate in 2008 as an umbrella organisation for operating retail payments and settlement systems in India.
With UPI LITE, users can carry out a large number of small-value UPI payments in a superfast manner without worrying about cap on the number of bank transactions.
Surinder Chawla, MD and CEO, Paytm Payments Bank Said :
“We are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction,”.
“We are a leader in UPI as the largest beneficiary bank, acquiring bank and a leading remitter bank. We are excited to be the first to empower Indians with the power of UPI LITE. As per official data from NPCI, half of the everyday UPI transactions in the country are less than Rs 200 and with UPI LITE, users get superior experience with faster and safer real-time small value payments.”
The bank remaine the largest UPI beneficiary bank for 19 months in a row with over 1,726.94 million transactions in December 2022, ahead of all major banks in India.
With 386.50 million register transactions, the bank is one of the top 10 remitter banks for UPI transactions, the release said NPCI’s latest report.
It is also one of the leading issuers and acquirer banks for the National Electronics Toll Collection (NETC) FASTag.
