Paytm Payments Bank Limited (PPBL) announced the launch of UPI LITE, a feature enabled by the National Payments Corporation of India (NPCI) enabling multiple small-value UPI transactions, on Wednesday.
It will allow for faster real-time transactions with a single click via Paytm. The Bank’s goal with UPI LITE is to accelerate the adoption of digital payments across the country.
Once loaded, a UPI LITE wallet enables a user to conduct smooth immediate transactions of up to Rs 200. A maximum of Rs 2,000 can be added to UPI LITE twice every day, bringing the total daily usage to Rs 4,000.
“As per official data from NPCI, half of the everyday UPI transactions in the country are less than Rs 200 and with UPI LITE, users get superior experience with faster and safer real-time small value payments. We are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction,” said Surinder Chawla, MD and CEO, Paytm Payments Bank.
“This will further improve the success rate of transactions, enhancing the user experience, and taking us one more step closer to processing a billion transactions a day on the UPI platform,” said Praveena Rai, COO, NPCI.
