Paytm Payments Bank Enables UPI LITE For Faster Small-Value Transactions

UPI LITE is a feature enabled by the NPCI for multiple small-value UPI transactions. Paytm said UPI Lite eliminates the need for UPI PIN for payments of up to Rs 200

With 389.61 million registered transactions, the Bank is one of the top 10 remitter banks for UPI transactions, according to NPCI's latest report. ( Image Source :Getty )

Paytm Payments Bank Limited (PPBL), a part of mobile payment company Paytm has enabled the UPI LITE feature for its users for faster UPI payments for multiple small-value UPI transactions. Paytm in a blog post on Thursday said, "Our associate Paytm Payments Bank Limited (PPBL), has gone live with UPI LITE, empowering its users with lightning-fast UPI payments that never fail. With this, users can activate their UPI LITE accounts linked to Paytm Payments Bank savings accounts for hassle-free transactions."

The company said that for payments of up to Rs 200, UPI Lite eliminates the need for UPI PIN. UPI LITE is exclusively available on the Paytm app.

UPI LITE is a feature enabled by the National Payments Corporation of India (NPCI) for multiple small-value UPI transactions. With UPI LITE, users can carry out a large number of small-value UPI payments without worrying about the bank cap on UPI transactions.

“Having been the first to bring UPI LITE to users, we are now excited to enable our Bank account holders to link their accounts with UPI LITE. With this, users can pay with UPI LITE for lightning fast payments that never fail. We continue to take our innovative payments offerings to the next level, driving financial inclusion in the country,” a Paytm Payments Bank Spokesperson said.

“Once loaded, a UPI LITE allows a user to do instant transactions of up to Rs 200, making the entire experience secure 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,” the blog said.

Further, payments made using UPI LITE de-clutter the passbook of PPB users. These small-value transactions would now show in the Paytm balance and history section. According to the NPCI, users will receive a daily transaction history of all the payments made through UPI LITE as an SMS from their banks.

Paytm Payments Bank remained the largest UPI beneficiary bank for 20 months in a row with over 1,765.87 million transactions in January 2023, ahead of all major banks in the country. With 389.61 million registered transactions, the Bank is one of the top 10 remitter banks for UPI transactions, according to NPCI's latest report. In January, PPBL processed 58.34 million transactions as an Issuer Bank and 47.71 million transactions as an Acquirer Bank.