Paytm a popular digital payments app in India, has introduced a new feature known as UPI Lite allowing users to make small payments without entering their PIN every time.
Keeping it Short
- Paytm, a popular digital payments platform in India has introduced a new UPI Lite
- With UPI Lite, now users can make multiple payments up to INR 200
- UPI was designed by the National Payments Corporation of India (NPCI) and was launched by RBI in September 2022.
By Crox Media Desk: Paytm, the popular payments platform has introduced a new feature called UPI lite that would allow users to make small value transactions without entering PIN every time. For those who are unaware, UPI stands for United Interface Payments Interface, a digital payments system that allows for real-time bank-to-bank transactions. The current setup allows users to enter UPI Payment before making a payment. Users have the option of adding money to their Paytm wallet as well.
Talking about the newest feature, Pranav Rai COO said, “we are very excited to launch UPI LITE on Paytm Payments Bank. It provides users with a faster, more secure, and seamless low-value transaction experience. With more than 50 percent of transactions through UPI below Rs 200. UPI Lite successfully provides a distributed way of authorizing low-value transactions, moving them away from core banking. This would improve the success rate of transactions, enhancing user experience and taking us one step closer to a billion transactions”
The UPI Lite will be beneficial to users, especially in situations that require instant actions. The users can make quick and seamless transactions of up to Rs 200 with just one click of Paytm. They can also add up to 2,000 twice a day to their UPI Lite Wallet, making the Cumulative daily usage up to Rs 4000, Paytm said in an official statement.
With UPI Lite, users can make multiple payments in a super-fast manner. These transactions would only show up in Paytm balance and history, not in the bank passbook.
