Noida (Uttar Pradesh) [India], April 4 : India's homegrown Paytm Payments Bank on Tuesday said it has over 4.3 million users on Paytm UPI Lite and the bank recorded over 10 million UPI Lite transactions so far through the Paytm Super App.
Paytm UPI Lite continues to gain rapid popularity among the masses to carry out small-value transactions of up to Rs 200 in a single tap, according to a statement from Paytm Payments Bank.
Paytm UPI Lite facilitates lightning-fast UPI payments even when banks face success rate issues during peak transaction hours. According to the company's statement, individual payments made via UPI Lite are not shown in the bank passbook where the UPI Lite balance was added from, offering a clean bank statement with only a single passbook entry for loading UPI Lite balance.
In an attempt to drive innovation, the Paytm Payments Bank is the first payments bank to launch UPI Lite. Owing to a superior and reliable user experience, the chance of transaction failure on Paytm UPI Lite is also lower, making it a more dependable option for users. In addition, Paytm UPI Lite is secured by Paytm's 3-level bank-grade security, the company statement added.
Paytm UPI Lite balance can be used to make superfast UPI payments to any UPI Quick Response (QR), send money to any mobile number, or even transfer to one's own self bank accounts linked to Paytm Super App through the self-transfer option.
According to the statement, 10 banks currently support Paytm UPI LITE Paytm Payments Bank, 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. Many other major banks are expected to go live with UPI LITE soon.
Paytm Payments Bank spokesperson said, "We have achieved over 4.3 million Paytm UPI Lite users and 10 million transactions milestone in a short span of time and it has made everyday payments hassle-free, quick and seamless for users. Paytm UPI Lite is powered by the security and technology of Paytm Payments Bank. As the pioneer of mobile payments in India, we are committed to driving financial inclusion."
On the Paytm app, during this IPL season, Paytm UPI is running exciting cashback offers with top fantasy gaming apps including Dream11, MPL, My11Circle, First Games, Winzo, and Myteam11. Users can use Paytm UPI LITE and get up to Rs 300 cashback while adding money in each of these apps for making their fantasy cricket teams, Paytm Payments Bank said.
Additionally, this IPL season, Paytm has also launched an engaging game on its app called Paytm Cricket League. In this game, users can score runs by using Paytm for all their payment needs and stand a chance to win iPhone14, up to Rs 7,000 cashback and many more exciting prizes, according to the statement.
Users can enter this game on Paytm app through the Play and Win icon in the featured section on the app homepage or can search for Paytm Cricket League in the Search tab on the app homepage.
Paytm Payments Bank is the leader in UPI payments with the highest market share in P2M (peer-to-merchant) payments as the largest acquiring bank, according to the statement. It added that the bank remained the top UPI beneficiary bank for 21 months in a row, along with being one of the leading remitter banks.
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