In the last few years, the use of online transactions has increased among people. People can transact according to their needs on Google Pay, Phone Pay, and Paytm for digital payments. Recently India’s homegrown Paytm Payments Bank has launched UPI Lite payment, Paytm is the only platform to do so.
This enables faster real-time transactions with a single tap on the Paytm app. The company says that Paytm UPI Lite will never fail during peak transaction hours, irrespective of the success rate of banks.
Will make digital payments accessible
Paytm UPI Lite aims to make digital payments more accessible to people across the country. UPI Lite, enabled by the National Payments Corporation of India (NPCI), helps users perform multiple small-value UPI transactions without using a PIN.
Fast and seamless transactions
Using Paytm UPI Lite, users can make quick and seamless transactions worth up to Rs 200 at a time, at blazing speeds. The fintech firm said it offers a superfast, convenient, and hassle-free transaction experience, as users do not need to enter a PIN every time they make a payment. Also, users can transfer their UPI balance back to the same bank account without any charges.
Getting 100 rupees cashback
To boost adoption, the company is offering users Rs 100 cashback for activating UPI Lite and adding Rs 1,000 as a balance. A Paytm Payments Bank spokesperson said, “Staying ahead of QR and mobile payments, we have taken UPI to every corner of the country.
We are proud to launch UPI Lite as a new step in our commitment to payments. With Paytm UPI, payments never fail, transactions are superfast and you don’t see the clutter in your bank statement.
Support will be available in these banks
Currently, nine banks support Paytm UPI Lite, including Canara Bank, Central Bank of India, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank is included.