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Paytm launches UPI Lite; How to set up and use it
Paytm
The RBI launched UPI Lite last year to simplify the digital payments experience. The feature lets users initiate low-value transactions from a digital wallet without entering their UPI PIN.
Recently, Paytm launched the UPI Lite payments option on its platform. The National Payments Corporation of India enabled the feature to help people make multiple small-value UPI transactions immediately and improve their digital payments experience.
UPI Lite got launched in September 2022 by the RBI to facilitate the UPI transaction process. As per the NPCI circular issued in May 2022, 50% of the total UPI transactions across the country are worth Rs 200 or less. However, with a low value of transactions, the UPI system gets overwhelmed, which increases transaction traffic between banks and sometimes, payments get stuck. UPI also takes time, as users must add pins and wait for the respective bank to prompt payments.
UPI Lite was introduced to start instant payments and decrease the traffic between banks. While the BHIM app has already begun to support UPI Lite transactions, Paytm recently became one of the first digital payment apps to launch UPI Lite on its platform.
How to set up UPI Lite in Paytm:
- Go to the Paytm app on your iOS or Android smartphone.
- Tap the "Profile" button on the top left corner of the home page.
- Select "UPI & Payment Settings" and choose "UPI Lite" in the "Other Settings" section.
- Select the bank account eligible for UPI Lite, and on the "Add money to activate UPI Lite" page, specify the amount you want to add to the UPI Lite account.
- Validate your MPIN and create your UPI Lite account.
Once you create the account, you can make payments with just one touch. UPI Lite also helps to sort bank books with small value transactions, as these transactions would only be visible in Paytm's balance and history section and not in the bank book.
