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Paytm UPI Lite allows small payments without a PIN
Paytm UPI Lite allows small payments without a PIN
Paytm, a popular digital payment platform in India has introduced a new feature called UPI Lite that allows users to make small value transactions without the need to enter a PIN each time.
Paytm, the popular payment app has introduced a new feature called UPI Lite that makes it easy for users to make small value transactions without the need to enter a PIN every time. For the uninitiated, UPI stands for Unified Payments Interface, a digital payments system that enables real-time bank-to-bank transactions. The current setup allows users to enter their UPI payment before making a payment. Users also have the option to add money to their wallets before making a payment.
The UPI Lite will benefit the users, especially in situations requiring faster actions. Users can make fast and smooth transactions up to Rs 200 with just one click through Paytm. They can also add up to Rs 2,000 twice daily to their UPI Lite wallet, bringing cumulative daily usage to Rs 4,000, Paytm said in the statement. UPI Lite was designed by the National Payments Corporation of India (NPCI) and released by the Reserve Bank of India in September 2022. It allows multiple small-value transactions without hindering multiple banking transactions. This feature is expected to help more people get used to digital payments.
Speaking about the new feature, Praveena Rai, COO of NPCI, said: "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 per cent of transactions through UPI below Rs 200, UPI LITE will successfully provide a distributed way of authorizing 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."
Paytm Payments Bank is the largest acquiring and beneficiary bank in the UPI system and one of the leading remitting banks. As part of its efforts to drive innovation, it is the first payments bank to launch UPI Lite. With UPI Lite, users can make many small value UPI payments super fast. These transactions would only appear in the Paytm balance and history section and not in the bank passbook. This clears the bank book of small-value transactions.
Overall, UPI Lite is a hassle-free and convenient way to make small-value digital transactions without needing to enter a PIN each time. It is expected to make digital payments even more accessible to people across India, especially those who are new to digital payments.
