UPI has revolutionised real-time payments, and adding to its innovation is UPI’s new feature, UPI Lite. This new feature enables users to conduct quick transactions for small amounts of money without repeatedly entering a PIN. Although currently only 9 banks and 2 third-party apps, including Paytm, have implemented UPI Lite, it’s a major step forward for UPI. Paytm, being a prominent player in the UPI payment landscape, has taken the lead in introducing UPI Lite for small transactions.
Before we head on to discuss how to set up a UPI Lite Account on Paytm, here is a quick synopsis of what UPI Lite is!
UPI Lite – A Brief
UPI Lite facilitates and speeds up low-denomination transactions. Hence, transactions with a value of less than Rs 200 are the focus of this functionality.
The daily usage limit for UPI Lite is Rs 4,000, with a maximum one-time addition of Rs 2,000 that can be made twice a day. Users can also make several small-value UPI payments quickly and easily, as there is no cap on the number of transactions. With UPI Lite, users don’t have to provide a four- or six-digit PIN, allowing quicker and easier payments. Moreover, users can withdraw money from their UPI Lite account to their Bank account at any time.
Using UPI Lite to manage low-value transactions with a high volume will significantly increase the transaction success rate. This is because UPI Lite eliminates the need for each transaction to go through the user’s bank. Additionally, utilizing UPI Lite for regular low-value transactions will reduce the number of debits, resulting in a more organized bank Passbook. However, it’s important to note that transactions made through UPI Lite account will still be visible in the Paytm Balance and History section.
Also Read: What is UPI (Unified Payment Interface)
Set Up a UPI Lite Account on Paytm
It is very easy to set up a UPI Lite Account on Paytm. To create a UPI Lite account on Paytm, follow these steps:
- Download and install the Paytm app from Google Play Store.
- Open the Paytm app and click on the UPI Lite icon on the homepage
- Choose the bank account eligible for UPI Lite.
- Enter the amount you wish to add to UPI Lite to activate UPI Lite account
- Validate your MPIN to create your UPI Lite account.
- Your UPI Lite account is now set up and you can make payments with just one tap.
Now that you know how to create a UPI Lite Account on Paytm, you may make your regular small-ticket transactions quickly and conveniently.
Also Read: Difference Between UPI and UPI Lite
Paytm is one of the biggest names in the digital payments system. Upgrading and adapting technological and financial innovation to deliver better services, features and experiences to its users has always been Paytm’s core values. With its vast reach and massive consumer base, Paytm has become one of the driving forces of financial inclusion in the country. With UPI Lite, it is set to make the consumer experience even better and swifter. Set up a UPI Lite Account on Paytm and streamline your payments to enjoy faster, smoother and hassle-free transactions.