Paytm Payments Bank Limited (PPBL) has enabled UPI LITE, a feature enabled by the National Payments Corporation of India (NPCI) for several small UPI transactions, enabling lightning-fast UPI payments to its users, the company said on Thursday.
With this, users can activate their UPI LITE account linked to their Paytm Payments Bank savings account for hassle-free transactions.
For payments up to Rs 200, UPI Lite does not require a UPI PIN. UPI LITE is only available on the Paytm app, the company said.
“As the first company to bring UPI LITE to users, we are now excited to enable our bank account holders to link their accounts with UPI LITE. We will continue to take our innovative payment product to a new level, driving financial inclusion in the country,” said a Paytm Payments Bank spokesperson.
Up to two additions of Rs 2,000 can be added to UPI LITE daily, increasing the cumulative daily usage to Rs 4,000.
Also, payments made with UPI LITE make the passbook of PPB users tidier. These small transactions will now be shown in the Paytm balance and history section.
According to NPCI, users will receive a daily transaction history from their bank for all payments made through UPI LITE.
Paytm Payments Bank remains the largest UPI beneficiary bank for 20 consecutive months, with over 1,765.87 million transactions in January 2023, ahead of all major banks in the country.
With 389.61 million registered transactions, the bank is among the top 10 remittance banks for UPI transactions, according to the latest NPCI report.
In January, PPBL processed 58.34 million transactions as an issuing bank and 47.71 million transactions as an acquiring bank.