UPI LITE is not an alternative, but an add-on to UPI, says Paytm’s Shreyas Srinivasan
Paytm Payments Bank Limited (PPBL) recently launched UPI LITE, a new feature enabled by the National Payments Corporation of India (NPCI) that uses UPI’s platform to facilitate multiple low-value transactions quickly and without a PIN. While some might see it as a competitor to the conventional UPI transactions, Paytm thinks otherwise.
During our conversation, the Chief Products Officer of Consumer Products at Paytm, Shreyas Srinivasan, told us that he doesn’t view UPI Lite as an alternative to UPI but as an add-on to the existing system.
He also told us that Paytm Payments Bank is currently the only platform to exclusively offer UPI LITE payments and that it doesn’t fail, even during peak transaction hours when banks have success rate issues.
“We are the first app to support UPI LITE and it will help the user to make safe and fast transactions even when the internet is slow. With Paytm UPI LITE one can make payments to anyone without any restriction. Currently, millions of users are using UPI already and adding 30 percent more users in 2 or 3 days. Currently, 10 banks support Paytm UPI LITE — Paytm Payments Bank, 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,” Srinivasan told us.
Paytm UPI LITE aims to make digital payments more accessible to people across the country. UPI LITE, enabled by National Payments Corporation of India (NPCI), aids users to carry out multiple small value UPI transactions without using a PIN.
“Using Paytm UPI LITE, users can carry out quick and seamless transactions of value up to Rs 200 at a time at a lightning fast speed. It provides superfast, convenient and hassle-free transaction experience as users don’t have to enter a PIN everytime they make a payment. Moreover, users can transfer UPI balance back to the same bank account anytime, without any charges,” Srinivasan added.
With this, only one money transfer entry is made in the user’s bank account, which declutters bank statements as customers will daily receive an SMS from the bank containing a history of all UPI LITE transactions made during the previous day.
With UPI LITE, users can carry out a large number of small value UPI payments without worrying about a cap on the number of bank transactions. This makes way for a hassle-free payments experience. With the secure on-device balance, UPI LITE makes daily small value transactions superfast, eliminating the need of entering the UPI PIN for every payment.
Once loaded, UPI LITE 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.
Further, payments made using UPI LITE de-clutters the bank passbook. These small value transactions would now show in the Paytm balance and history section. According to NPCI, users will receive a daily transaction history of all the payments made through UPI LITE as an SMS from their banks.
The post UPI LITE is not an alternative, but an add-on to UPI, says Paytm’s Shreyas Srinivasan appeared first on Techlusive.
Paytm Payments Bank Limited (PPBL) recently launched UPI LITE, a new feature enabled by the National Payments Corporation of India (NPCI) that uses UPI’s platform to facilitate multiple low-value transactions quickly and without a PIN. While some might see it as a competitor to the conventional UPI transactions, Paytm thinks otherwise.
During our conversation, the Chief Products Officer of Consumer Products at Paytm, Shreyas Srinivasan, told us that he doesn’t view UPI Lite as an alternative to UPI but as an add-on to the existing system.
He also told us that Paytm Payments Bank is currently the only platform to exclusively offer UPI LITE payments and that it doesn’t fail, even during peak transaction hours when banks have success rate issues.
“We are the first app to support UPI LITE and it will help the user to make safe and fast transactions even when the internet is slow. With Paytm UPI LITE one can make payments to anyone without any restriction. Currently, millions of users are using UPI already and adding 30 percent more users in 2 or 3 days. Currently, 10 banks support Paytm UPI LITE — Paytm Payments Bank, 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,” Srinivasan told us.
Paytm UPI LITE aims to make digital payments more accessible to people across the country. UPI LITE, enabled by National Payments Corporation of India (NPCI), aids users to carry out multiple small value UPI transactions without using a PIN.
“Using Paytm UPI LITE, users can carry out quick and seamless transactions of value up to Rs 200 at a time at a lightning fast speed. It provides superfast, convenient and hassle-free transaction experience as users don’t have to enter a PIN everytime they make a payment. Moreover, users can transfer UPI balance back to the same bank account anytime, without any charges,” Srinivasan added.
With this, only one money transfer entry is made in the user’s bank account, which declutters bank statements as customers will daily receive an SMS from the bank containing a history of all UPI LITE transactions made during the previous day.
With UPI LITE, users can carry out a large number of small value UPI payments without worrying about a cap on the number of bank transactions. This makes way for a hassle-free payments experience. With the secure on-device balance, UPI LITE makes daily small value transactions superfast, eliminating the need of entering the UPI PIN for every payment.
Once loaded, UPI LITE 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.
Further, payments made using UPI LITE de-clutters the bank passbook. These small value transactions would now show in the Paytm balance and history section. According to NPCI, users will receive a daily transaction history of all the payments made through UPI LITE as an SMS from their banks.
The post UPI LITE is not an alternative, but an add-on to UPI, says Paytm’s Shreyas Srinivasan appeared first on Techlusive.
