Our associate Paytm Payments Bank Limited (PPBL), has gone live with UPI LITE, empowering its users with lightning fast UPI payments that never fail. With this, users can activate their UPI LITE accounts linked to Paytm Payments Bank savings accounts for hassle-free transactions. For payments of up to ₹200, UPI Lite eliminates the need of UPI PIN. UPI LITE is exclusively available on Paytm app.
Our associate Paytm Payments Bank is #1 in UPI the largest acquiring and beneficiary bank along with being one of the leading remitter banks. As the first payments bank to UPI LITE, the Bank continues in its tradition of building technology-led innovative solutions for its users, revolutionising everyday transactions.
UPI LITE, a feature enabled by National Payments Corporation of India (NPCI) for multiple small value UPI transactions, was launched first on the Paytm app. With UPI LITE, users can carry out a large number of small value UPI payments without worrying about the bank cap on UPI transactions.
Once loaded, a UPI LITE allows a user to do instant transactions of up to ₹200, making the entire experience secure 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.
Further, payments made using UPI LITE de-clutters the passbook of PPB users. These small value transactions would now show in the Paytm balance and history section. According to NPCI, users will receive a daily transaction history of all the payments made through UPI LITE as an SMS from their banks.
“Having been the first to bring UPI LITE to users, we are now excited to enable our Bank account holders to link their accounts with UPI LITE. With this, users can pay with UPI LITE for lightning fast payments that never fail. We continue to take our innovative payments offerings to the next level, driving financial inclusion in the country.”Paytm Payments Bank Spokesperson
Our associate Paytm Payments 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 January 2023, PPBL processed 58.34 million transactions as an Issuer Bank and 47.71 million transactions as an Acquirer Bank.