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Paytm Payments bank goes live with UPI LITE
February 15, 2023
It will enable faster real-time transactions with a single click through Paytm. With UPI LITE, the Bank aims to drive the adoption of digital payments across the country.
Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to ₹200 in a seamless way.
A maximum of ₹2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to ₹4,000.
Additionally, with UPI LITE, users can carry out a large number of small value UPI payments without worrying about a cap on the number of bank transactions, said the company.
“As per official data from NPCI, half of the everyday UPI transactions in the country are less than ₹200 and with UPI LITE, users get superior experience with faster and safer real-time small value payments. We are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction,” said Surinder Chawla, MD and CEO, Paytm Payments Bank.
UPI LITE was launched 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.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/