Paytm Payments Bank, the banking arm of Paytm, has introduced UPI Lite within its app to enable single-click, real-time, small-value UPI transactions without having to use a pin.
What Happened? Paytm became the first digital payments platform to introduce UPI LITE – a feature enabled by the National Payments Corporation of India (NPCI) – to its app which allows transactions of up to ₹200 without using a UPI PIN.
Launched by the Reserve Bank of India (RBI) in September 2022, UPI LITE is an ‘on-device wallet’ feature that requires users to load money into the wallet on the app, from a bank account and use it to pay for smaller transactions. The total limit of UPI Lite balance for an on-device wallet has been set to ₹2,000 by the NPCI.
“A maximum of ₹2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to ₹4,000,” clarified Paytm in a press release.
Paytm says that more than 50% of transactions through UPI are below ₹200 and that the introduction of UPI Lite within Paytm will increase the success rate of transactions and improve overall user experience.
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The feature also simplifies the way UPI payments show up on a bank passbook by keeping small-value transaction records only in the Paytm balance and history section.
The development arrives after the Paytm Payments Bank announced that users can receive and send money instantly to any mobile number with a registered UPI ID across platforms using the Paytm app in December 2022.
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