Designed by the National Payments Corporation of India
(NPCI), UPI LITE was launched by the Reserve Bank of India in September 2022.
It also de-clutters the bank passbook of small value transactions, as these
payments would now only show in the Paytm balance and history section, and not
in the bank passbook.
As a part of its efforts to drive innovation, the Bank said
it is the first payments bank to launch such UPI LITE feature.
"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.
National Payments Corporation of India (NPCI) was
incorporated in 2008 as an umbrella organisation for operating retail payments
and settlement systems in India.
Additionally, with UPI LITE, users can carry out a large
number of small-value UPI payments in a superfast manner without worrying about
cap on the number of 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."
The bank remained the largest UPI beneficiary bank for 19
months in a row with over 1,726.94 million transactions in December 2022, ahead
of all major banks in the country.
With 386.50 million registered transactions, the bank is one
of the top 10 remitter banks for UPI transactions, the release said NPCI's
latest report.
It is also one of the leading issuers and acquirer banks for
the National Electronics Toll Collection (NETC) FASTag.
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