Guwahati: UPI LITE, a capability made available by National Payments Corporation of India for numerous small-value UPI transactions, is currently operational at Paytm Payments Bank Limited (PPBL).
The UPI LITE feature allows for quicker real-time transactions with Paytm with just one click helping the bank advance the adoption of digital payments throughout the nation.
In September 2022, the Reserve Bank of India introduced UPI LITE, a system created by the National Payments Corporation of India (NPCI). Small value transactions are also cleared out of the bank passbook because they are now only visible in the Paytm balance and history area rather than the bank passbook.
The Bank claimed to be the first payments bank to introduce the UPI LITE functionality as part of its efforts to promote innovation.
“Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to Rs 200, making the entire experience quick and seamless. A maximum of Rs 2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to Rs 4,000,” it said in a release.
“We are very excited to launch UPI LITE on Paytm Payments Bank. UPI LITE provides users a faster, secure, and seamless low-value transaction experience. With more than 50 per cent of transactions through UPI below Rs 200, UPI LITE will successfully provide a distributed way of authorising low-value transactions, moving them away from core banking,” said Praveena Rai, COO, NPCI.
“This shall 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,” Rai added.
In order to manage India’s retail payment and settlement systems, the National Payments Corporation of India (NPCI) was established in 2008.
Additionally, UPI LITE enables users to quickly complete a large number of small-value UPI payments without worrying about exceeding the limit on bank transactions.
“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.
“We are a leader in UPI as the largest beneficiary bank, acquiring bank and a leading remitter bank. We are excited to be the first to empower Indians with the power of UPI LITE. 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.”
With approximately 1,726.94 million transactions in December 2022, the bank outperformed all other significant banks in the nation and continued to hold the title of largest UPI beneficiary bank for 19 consecutive months.
According to the publication, the bank is among the top 10 remitter banks for UPI transactions with 386.50 million registered transactions.
Additionally, it is among the top banks that issue and accept FASTags for the National Electronics Toll Collection (NETC).