Users can activate their UPI LITE accounts linked to their Paytm Payments Bank financial savings accounts for hassle-free transactions.
For funds of as much as Rs 200, UPI Lite eliminates the necessity of UPI PIN
Paytm Payments Bank Limited (PPBL) has gone reside with UPI LITE, a function enabled by the National Payments Corporation of India (NPCI) for a number of small-value UPI transactions, thus empowering its customers with lightning quick UPI funds, the corporate mentioned on Thursday.
With this, customers can activate their UPI LITE accounts linked to their Paytm Payments Bank financial savings accounts for hassle-free transactions. For funds of as much as Rs 200, UPI Lite eliminates the necessity of UPI PIN. UPI LITE is solely obtainable on Paytm app, the corporate mentioned.
“Having been the primary to convey UPI LITE to customers, we at the moment are excited to allow our Bank account holders to hyperlink their accounts with UPI LITE. We proceed to take our progressive funds choices to the subsequent degree, driving monetary inclusion within the nation,” a Paytm Payments Bank spokesperson said.
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 passbook of PPB users.
These small-value transactions would now show in the Paytm balance and history section. According to the NPCI, users will receive a daily transaction history of all the payments made through UPI LITE as an SMS from their banks.
Paytm Payments Bank remained the largest UPI beneficiary bank for 20 months in a row with over 1,765.87 million transactions in January 2023, ahead of all major banks in the country.
With 389.61 million registered transactions, the Bank is one of the top 10 remitter banks for UPI transactions, according to NPCI’s latest report. In January, PPBL processed 58.34 million transactions as an Issuer Bank and 47.71 million transactions as an acquirer bank.
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