Paytm Payments Bank Limited (PPBL) has unveiled a new feature called UPI LITE that enables quick and simple UPI transactions with only one click. The RBI most recently authorised PPBL to function as a Bharat Bill Payment Operating Unit.
The National Payments Corporation of India created this feature with the goal of promoting increased use of digital payments across the nation. It is intended for modest transactions.
Paytm Payments Bank becomes first to launch UPI LITE feature
Paytm Payments Bank is a leading bank in UPI transactions and was the first payments bank to introduce UPI LITE as part of its commitment to innovation. UPI LITE is a digital wallet that allows for quick and easy transactions of up to Rs. 200 with a daily limit of Rs. 4,000.
Users can make a large number of small payments without being concerned about transaction limits, and the feature also simplifies the bank passbook by storing small value transactions only in the Paytm balance and history section. The National Payments Corporation of India designed UPI LITE, which will be launched by the Reserve Bank of India in September 2022.
The Paytm app now allows users to immediately transfer and receive money to any cell number with a registered UPI ID, according to a recent announcement by Paytm Payments Bank. This function encourages the uptake of mobile payments and improves UPI compatibility. With more than 1,765.87 million transactions in January 2023, PPBL is the largest UPI beneficiary bank in the nation.
With 389.61 million registered transactions, it ranks among the top 10 remitter banks for UPI. With 61.15 million transactions processed as an issuer bank and 50.58 million transactions processed as an acquirer bank in December 2022, PPBL is also a notable issuer and acquirer bank for the National Electronics Toll Collection (NETC) FASTag.
Praveena Rai, COO of NPCI, commented on the announcement,
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.
Surinder Chawla, MD and CEO of Paytm Payments Bank, commented on the announcement,
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.
