Paytm, a UPI dedicated most popular digital payments app in India, has recently introduced a new feature called UPI Lite. This new ability will allow UPI users to make low-value transitions without entering UPI PIN.
Paytm UPI Lite
Paytm has launched a new feature called Paytm UPI Lite which omits the process of entering a UPI PIN while making bank-to-bank transactions.
With UPI Lite, users can make a payment of up to ₹200 without entering a PIN with one click. Furthermore, they can add up to ₹2,000 twice in a day to their Paytm UPI Lite Wallet.
So, Paytm UPI Lite is designed by the National Payments Corporation of India (NPCI) and introduced by the Reserve Bank of India in 2022. In the case of this feature, users make multiple small value transfers without worrying about the number of transactions per day. This feature will ultimately enhance the quality and quantity of UPI-based transactions across the country.
“Paytm Payments Bank is the largest acquiring and beneficiary bank in the UPI system and one of the leading remitter banks. As part of its efforts to drive innovation, it is the first payments bank to launch UPI Lite,” mentioned India Today.
Transactions carried out via Paytm UPI Lite will be shown in the Paytm balance and history but not in the bank passbook. This superfast transaction payment system will allow users to make a large number of small-value payments via high-standard encryption.
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“Overall, UPI Lite is a convenient and hassle-free way to make small value digital transactions without needing to enter a PIN every time. It is expected to make digital payments even more accessible to people across India, especially those who are new to digital payments,” mentioned India Today.
