Through Paytm, it would enable quicker real-time transactions with a single click. The Bank wants to promote the use of digital payments throughout the nation through UPI LITE.
Local Paytm Payments Bank Limited (PPBL), which was founded in New Delhi, said on Wednesday that it has launched UPI LITE, a feature made available by the National Payments Corporation of India (NPCI) for many small-value UPI transactions.
Through Paytm, it would enable quicker real-time transactions with a single click. The Bank wants to promote the use of digital payments throughout the nation through UPI LITE.
Once filled, a UPI LITE wallet enables a user to conduct smooth immediate transactions of up to Rs 200.
UPI LITE allows for two daily additions of up to Rs 2,000 each, for a daily use cap of Rs 4,000.
The business added that consumers may make a lot of small-value UPI payments using UPI LITE without worrying about a limit on the number of bank transactions.
According to official NPCI data, half of all daily UPI transactions in the nation are for less than Rs 200. With UPI LITE, customers benefit from a faster and safer real-time small value payments experience. The launch of UPI LITE is a significant step in the direction of fostering digital inclusion, according to Surinder Chawla, MD and CEO of Paytm Payments Bank.
In September 2022, the Reserve Bank of India introduced UPI LITE. Small value transactions are also cleared out of the bank passbook because they are now only visible in the Paytm balance and history area rather than the bank passbook.
The customer experience will be improved, and we’ll be one step closer to completing a billion transactions per day on the UPI platform thanks to this, according to Praveena Rai, COO, NPCI.
Users of the Paytm app will soon be able to send and receive money instantaneously to any mobile number with a registered UPI ID across platforms, according to a recent announcement by Paytm Payments Bank.
With more than 1,726.94 million transactions in December 2022, PPBL continued to lead all other significant banks in the nation and held the title of largest UPI beneficiary bank for 19 consecutive months.
According to the most recent NPCI statistics, the Bank is among the top 10 remitter banks for UPI transactions with 386.5 million recorded transactions.
