Paytm Payments Bank Limited (PPBL) announced on Thursday that it has launched UPI LITE, a capability enabled by the National Payments Corporation of India (NPCI) for multiple small-value UPI transactions, enabling its users to make lightning-fast UPI payments.
Users can use this to link their UPI LITE accounts to their Paytm Payments Bank savings accounts for hassle-free transactions.
UPI Lite eliminates the need for a UPI PIN for payments of up to Rs 200. According to the firm, UPI LITE is only available on the Paytm app.
“Having been the first to bring UPI LITE to users, we are now excited to enable our Bank account holders to link their accounts with UPI LITE. We continue to take our innovative payments offerings to the next level, driving financial inclusion in the country,” a Paytm Payments Bank spokesperson said.
A maximum of Rs 2,000 can be added to UPI LITE twice every day, bringing the total daily usage to Rs 4,000.
Also, payments conducted using UPI LITE clear the passbook of PPB customers. Those minor transactions will now appear in the Paytm balance and history area.
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