The Reserve Bank of India introduced UPI LITE, which was created by the National Payments Corporation of India (NPCI), in September 2022. The feature simplifies small-value transactions and reduces clutter in the user’s bank passbook by displaying them only in the Paytm balance and history section rather than in the bank passbook.
Paytm Payments Bank Limited (PPBL) has launched UPI LITE, a new National Payments Corporation of India-enabled feature that enables quick and real-time transactions for multiple small value UPI transactions. According to the company, Paytm Bank intends to promote digital payment adoption in India with this feature.
Paytm money transfer app, claims to be 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 to UPI LITE twice per day, bringing the total daily usage to 4,000.”
According to the company, Paytm Payments Bank Limited’s introduction of UPI LITE enables users to perform numerous small value UPI transactions with incredible speed, without being limited by transaction caps imposed by banks.
The Reserve Bank of India introduced UPI LITE, which was created by the National Payments Corporation of India (NPCI), in September 2022. The feature simplifies small-value transactions and reduces clutter in the user’s bank passbook by displaying them only in the Paytm balance and history section rather than in the bank passbook.
Paytm Founder Vijay Shekhar Sharma recently tweeted urging people to switch to Paytm for a faster UPI experience. “Very proud of launching with @UPI NPCI our latest in commitment to payments that are scalable and never fail,” he said in a tweet. Switch to @Paytm App to enhance your UPI experience! Payments never fail here, transfers are lightning-fast, and there is no clutter on your bank statement!
Paytm Payments Bank recently announced that users can now use the Paytm app to instantly send and receive money to any mobile number with a registered UPI ID, regardless of platform. This move, according to the company, has improved the interoperability of the Unified Payments Interface (UPI) and encourages the widespread adoption of mobile payments.
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