Paytm Payments Bank Becomes the First Payments Bank to Launch UPI LITE – Empowers Instant UPI Payments of Smaller Values

UPI Payment, Paytm

Our associate Paytm Payments Bank Limited (PPBL), has gone live with UPI LITE, a feature enabled by National Payments Corporation of India for multiple small value UPI transactions. It enables faster real-time transactions with a single click through Paytm. With UPI LITE, our Bank aims to drive the adoption of digital payments across the country. 

Paytm Payments Bank remains a leader in UPI as the largest acquiring and beneficiary bank along with being one of the leading remitter banks. As a part of its efforts to drive innovation, our Bank is the first payments bank to launch UPI LITE.

Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to ₹200, making the entire experience quick and seamless. 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 in a superfast manner without worrying about cap on the number of bank transactions. This makes way for a hassle-free payments experience. 

Designed by National Payments Corporation of India (NPCI), 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 & history section, and not in the bank passbook.

“We are very excited to launch UPI LITE on Paytm Payments Bank. UPI LITE provides users a faster, secure, and seamless low-value transaction experience. With more than 50% of transactions through UPI below ₹200, UPI LITE will successfully provide a distributed way of authorising low value transactions, moving them away from core banking. This shall further improve the success rate of transactions, enhancing the user experience, and taking us one more step closer to processing a billion transactions a day on the UPI platform.” 

Praveena Rai, COO, NPCI, said

“We are a leader in UPI as the largest beneficiary bank, acquiring bank and a leading remitter bank. We are excited to be the first to empower Indians with the power of UPI LITE. 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.”

Surinder Chawla, MD and CEO, Paytm Payments Bank said,

Paytm Payments Bank had also recently announced that users can receive and send money instantly to any mobile number with a registered UPI ID across platforms using the Paytm app. This further deepens Unified Payments Interface (UPI) interoperability and roots for the adoption of mobile payments. 

Our Bank remained the largest UPI beneficiary bank for 20 months in a row with over 1,765.87 million transactions in January 2023, ahead of all major banks in the country. With 389.61 million registered transactions, the Bank is one of the top 10 remitter banks for UPI transactions, according to NPCI’s latest report. PPBL is one of the leading issuers and acquirer banks for National Electronics Toll Collection (NETC) FASTag. In December 2022, PPBL processed 61.15 million transactions as an Issuer Bank and 50.58 million transactions as an Acquirer Bank.

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