Photo Credit: Dado Ruvic/Reuters
Paytm has launched the UPI Lite option through their Paytm UPI Payments app, which will allow for faster small UPI transactions.
Paytm Payments Bank Limited (PPBL) has launched UPI LITE, a feature that will allow users to easily and quickly make small-value UPI transactions, to encourage the adoption of digital payments in India.
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UPI LITE enables instant transactions with a single click through Paytm, and it allows users to carry out these fast transactions of up to ₹200 with a maximum of ₹2,000 that can be added for payments in a single day.
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UPI LITE was designed by the National Payments Corporation of India (NPCI) and launched by the Reserve Bank of India in September 2022. Paytm adopted and implemented this feature only recently in February 2023.
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Using Paytm UPI LITE de-clutters the bank passbook of small value transactions, as these payments would now only show in the Paytm balance & history section, and not in the bank passbook.
Photo Credit: Paytm website
Surinder Chawla, MD and CEO of Paytm said ‘’We are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction,” about the launch.
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PPBL allows users to receive and send money to any mobile number with a UPI ID across platforms using the Paytm app, which further promotes digitisation. It is also one of the leading issuers and acquirer banks for FASTag payments and transactions.
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As per their website, PPBL is the largest UPI beneficiary bank for 20 months in a row with over 1,765.87 million transactions in January 2023. It is one of the top 10 remitter banks for UPI transactions.
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