Paytm Payments Bank get support for UPI Lite: Here’s what that means for you
Paytm Payments Bank has rolled out a new functionality in its app that is aimed at making smaller transactions easier and faster. The company has announced that it has enabled NPCI’s (National Payments Corporation of India) UPI Lite functionality on its platform.
Availability of UPI Lite functionality will enable Paytm users to do instant transactions of up to Rs 200 without providing several rounds of approval and going through the hassle of entering a PIN. With UPI Lite, Paytm users can add a maximum of Rs 2,000 twice in a day to their UPI Lite wallets, making the cumulative daily usage up to Rs 4,000.
📢 UPI LITE on Paytm App is now live for all beta users on Android!
Enjoy one-tap payments, clutter-free passbook with 3-layer security on all your small payments up to ₹200 everyday!* ✅
Try now: https://t.co/Fal4oPG5hh
*T&C Apply#PaytmSeUPI
— Paytm (@Paytm) February 16, 2023
“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% of transactions through UPI below ₹200, UPI LITE will successfully provide a distributed way of authorising low value transactions, moving them away from core banking,” Praveena Rai, COO, NPCI, said on the occasion.
As far as availability is concerned, Paytm said that UPI Lite is available on Paytm App for all beta users on Android. There is no word on when the feature will be available in Paytm’s iOS app.
What is UPI Lite
NPCI rolled out UPI Lite last year in a bid to make smaller transactions easier and faster. It enables users to perform smaller transactions up to Rs 200 in value with an on-device wallet without using a PIN, which is unlike other transactions online. It benefits include providing one-click single factor authentication for UPI transactions, less infrastructure load on the bank, higher success rate of UPI transactions and uncluttered passbook for users.
At the time of launch, UPI Lite was available only in NPCI’s BHIM app. Over the time, other banks, including the Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank rolled out the feature for its users. Now, Paytm Payments Bank is the latest one to roll out the functionality for its users.
The post Paytm Payments Bank get support for UPI Lite: Here’s what that means for you appeared first on Techlusive.
Paytm Payments Bank has rolled out a new functionality in its app that is aimed at making smaller transactions easier and faster. The company has announced that it has enabled NPCI’s (National Payments Corporation of India) UPI Lite functionality on its platform.
Availability of UPI Lite functionality will enable Paytm users to do instant transactions of up to Rs 200 without providing several rounds of approval and going through the hassle of entering a PIN. With UPI Lite, Paytm users can add a maximum of Rs 2,000 twice in a day to their UPI Lite wallets, making the cumulative daily usage up to Rs 4,000.
📢 UPI LITE on Paytm App is now live for all beta users on Android!
Enjoy one-tap payments, clutter-free passbook with 3-layer security on all your small payments up to ₹200 everyday!* ✅
Try now: https://t.co/Fal4oPG5hh
*T&C Apply#PaytmSeUPI
— Paytm (@Paytm) February 16, 2023
“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% of transactions through UPI below ₹200, UPI LITE will successfully provide a distributed way of authorising low value transactions, moving them away from core banking,” Praveena Rai, COO, NPCI, said on the occasion.
As far as availability is concerned, Paytm said that UPI Lite is available on Paytm App for all beta users on Android. There is no word on when the feature will be available in Paytm’s iOS app.
What is UPI Lite
NPCI rolled out UPI Lite last year in a bid to make smaller transactions easier and faster. It enables users to perform smaller transactions up to Rs 200 in value with an on-device wallet without using a PIN, which is unlike other transactions online. It benefits include providing one-click single factor authentication for UPI transactions, less infrastructure load on the bank, higher success rate of UPI transactions and uncluttered passbook for users.
At the time of launch, UPI Lite was available only in NPCI’s BHIM app. Over the time, other banks, including the Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank rolled out the feature for its users. Now, Paytm Payments Bank is the latest one to roll out the functionality for its users.
The post Paytm Payments Bank get support for UPI Lite: Here’s what that means for you appeared first on Techlusive.
