India's homegrown Paytm Payments Bank is currently the only platform to exclusively offer UPI LITE payments, which enables faster real-time transactions with a single tap on the Paytm app. Paytm UPI LITE will never fail even during peak transaction hours, even when banks have success rate issues, according to a Paytm's statement released on Friday.
Paytm UPI LITE aims to make digital payments more accessible to people across the country. UPI LITE, enabled by National Payments Corporation of India (NPCI), aids users to carry out multiple small-value UPI transactions without using a PIN.
Using Paytm UPI LITE, users can carry out quick and seamless transactions of value up to Rs 200 at a time at lightning-fast speed. The fintech firm said it provides superfast, convenient and hassle-free transaction experience as users don't have to enter a PIN every time they make a payment. Moreover, users can transfer UPI balance back to the same bank account anytime, without any charges.
With this, only one money transfer entry is made in the user's bank account, which declutters bank statements as customers will daily receive an SMS from the bank containing a history of all UPI LITE transactions made during the previous day, according to Paytm.
To drive adoption, the company is offering Rs 100 cashback to users for activating UPI LITE and adding Rs 1,000 as balance.
Paytm Payments Bank spokesperson said, "As pioneers of QR (quick response) and mobile payments, we have taken UPI to every nook and corner of the country. We are proud to launch UPI LITE as a step forward in our commitment to payments that are scalable and never fail. With Paytm UPI, payments never fail, transactions are superfast and you don't see clutter in your bank statement."
Currently, nine banks support Paytm UPI LITE -- Canara Bank, Central Bank of India, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank.
Paytm Payments Bank is a leader in UPI peer-to-merchant (P2M) payments as the largest acquiring and beneficiary bank as well as a leading remitter bank.
( With inputs from ANI )
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