On Wednesday, Paytm Payments Bank announced that its Paytm UPI LITE had surpassed 2 million users.

The bank has recorded more than 5 lakh daily transactions on Paytm UPI LITE through the Paytm app, the bank said in a statement.

“We have seen widespread adoption of Paytm UPI LITE, crossing the milestone of over 20 lakh users in a short period,” said a Paytm Payments Bank spokesperson.

“With Paytm UPI, we bring never-fail lightning-fast payments powered by the latest UPI LITE technology and the security of Paytm Payments Bank,” the spokesperson added.

Paytm UPI LITE brings a one-click payment; even if the bank has a success rate problem during the transaction peak, it will not fail.

Once loaded, UPI LITE allows users to make instant payments of up to Rs 200, making the entire experience seamless. Up to two additions of Rs 2,000 can be added to UPI LITE daily, increasing the cumulative daily usage to Rs 4,000.

Paytm UPI utilises the latest UPI LITE technology for successful payments and provides three levels of bank-grade security.

Also, payments made using UPI LITE will not appear in the passbook, providing users with a neat and tidy bank statement. It records only one entry when adding funds to a UPI LITE balance.

“As the first payments bank to launch UPI LITE, the bank will continue its tradition of building innovative technology-led solutions for users, revolutionising everyday transactions,” it said.