Paytm Payments Bank is presently the sole platform that provides UPI LITE payments exclusively, facilitating quicker real-time transactions with just one tap on the Paytm app. Paytm UPI LITE remains reliable even during high transaction volumes, unlike banks that may encounter success rate problems.
The objective of Paytm UPI LITE is to enhance digital payment accessibility to individuals nationwide. Enabled by the National Payments Corporation of India (NPCI), UPI LITE assists users in conducting numerous small-value UPI transactions without the requirement of a PIN.
Paytm UPI LITE allows for swift and seamless transactions of up to Rs 200 at a time with lightning-fast speed, offering a superfast, convenient, and hassle-free transaction experience without requiring users to enter a PIN for every payment. Additionally, users can transfer their UPI balance back to the same bank account anytime without incurring any charges.
By utilizing Paytm UPI LITE, only a single money transfer entry is recorded in the user’s bank account, thereby simplifying bank statements as customers receive a daily SMS from the bank outlining the previous day’s history of all UPI LITE transactions.
To promote adoption, the organization is providing a cashback of ₹100 to users who activate UPI LITE and add a balance of ₹1000.
“As pioneers of QR and mobile payments, we have taken UPI to every nook and corner of the country. We are proud to launch UPI LITE as a step forward in our commitment to payments that are scalable and never fail. With Paytm UPI, payments never fail, transactions are superfast and you don’t see clutter in your bank statement.”said Paytm Payments Bank Spokesperson.
At present, Paytm UPI LITE is supported by 9 banks, namely Canara Bank, Central Bank of India, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank.
Paytm Payments Bank has emerged as a frontrunner in UPI Peer to Merchant (P2M) payments, serving as the biggest acquiring and beneficiary bank and a major remitter bank.
