Paytm Payments Bank Limited Introduces UPI Lite: What We Know?
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Paytm Payments Bank Limited (PPBL) has launched UPI LITE, a new feature made possible by the National Payments Corporation of India that lets multiple small-value UPI transactions happen quickly and in real-time. With this feature, Paytm Bank hopes to get more people in India to use digital payments.
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Paytm says the app for sending money is the first payment bank to launch UPI LITE. “Once a UPI LITE wallet is loaded, a user can make instant payments of up to 200, which makes the whole process quick and easy. UPI LITE can have a maximum of 2,000 added to it twice a day, for a total of 4,000 per day.
The company says that the addition of UPI LITE by Paytm Payments Bank Limited makes it possible for users to make a lot of small UPI transactions quickly without being limited by banks’ transaction limits.
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The National Payments Corporation of India (NPCI) made UPI LITE, and the Reserve Bank of India started using it in September 2022. The feature makes small transactions easier and makes the user’s bank passbook less cluttered by showing these transactions only in the Paytm balance and history section instead of in the bank passbook.
Very proud of launching with @UPI_NPCI our latest in commitment to payments that are scalable and never fail.
Upgrade your UPI experience by switching to @Paytm App !
Here payments never fail, tx are super fast and you don’t see clutter in your bank statement! All this 🚀🚀 pic.twitter.com/c1tr7J4V3A
— Vijay Shekhar Sharma (@vijayshekhar) February 24, 2023
Vijay Shekhar Sharma, the founder of Paytm, recently tweeted that people should use Paytm instead of UPI because it is faster. His tweet said, “Very proud to launch with @UPI NPCI our latest commitment to payments that are scalable and never fail. Switch to @Paytm App to improve your UPI experience. Here, payments never fail, tx are very fast, and your bank statement is always clear. All of this.”
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Paytm Payments Bank recently announced that users can now use the Paytm app to send and receive money instantly to any mobile number with a registered UPI ID, no matter what platform is being used. The company says that this move has improved how the Unified Payments Interface (UPI) works with other systems and will help mobile payments become more popular.