Paytm Payments Bank becomes the first payments bank to launch UPI LITE

Paytm Payments Bank becomes the first payments bank to launch UPI LITE

 

India’s homegrown Paytm Payments Bank Limited (PPBL), has gone live with UPI LITE, a feature enabled by National Payments Corporation of India for multiple small value UPI transactions. It enables faster real-time transactions with a single click through Paytm. With UPI LITE, the Bank aims to drive adoption of digital payments across the country.

 

Paytm Payments Bank continues to be a leader in UPI P2M (Peer to Merchant) payments as the largest beneficiary bank, and a leading acquiring and remitter bank. As a part of its efforts to drive innovation, the Bank is the first payments bank to launch UPI LITE.

 

Designed by National Payments Corporation of India (NPCI), UPI LITE was launched by the Reserve Bank of India in September 2022. Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to ₹200, making the entire experience quick and seamless. A maximum of ₹2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to ₹4,000. Additionally, with UPI LITE, users can carry out a large number of small value UPI payments in a superfast manner without worrying about cap on the number of bank transactions. This makes way for hassle-free payments.