India’s homegrown Paytm Payments Bank is at the moment the one platform to completely provide UPI Lite funds, which permits quicker real-time transactions with a single faucet on the Paytm app. Paytm UPI Lite won’t ever fail even throughout peak transaction hours, even when banks have success price points, in keeping with a Paytm’s assertion launched on Friday.
Paytm UPI Lite goals to make digital funds extra accessible to folks throughout the nation. UPI Lite, enabled by the National Payments Corporation of India (NPCI), aids customers to hold out a number of small-value UPI transactions with out utilizing a PIN.
Using Paytm UPI Lite, customers can perform fast and seamless transactions of worth as much as Rs 200 at a time at lightning-fast pace. The fintech agency mentioned it gives superfast, handy and hassle-free transaction expertise as customers do not must enter a PIN each time they make a fee. Moreover, customers can switch UPI steadiness again to the identical checking account anytime, with none costs.
With this, just one cash switch entry is made within the consumer’s checking account, which declutters financial institution statements as prospects will day by day obtain an SMS from the financial institution containing a historical past of all UPI Lite transactions made throughout yesterday, in keeping with Paytm.
To drive adoption, the corporate is providing Rs 100 cashback to customers for activating UPI Lite and including Rs 1,000 as steadiness.
Paytm Payments Bank spokesperson mentioned, “As pioneers of QR (quick response) and mobile payments, we have taken UPI to every nook and corner of the country. We are proud to launch UPI Lite as a step forward in our commitment to payments that are scalable and never fail. With Paytm UPI, payments never fail, transactions are superfast and you don’t see clutter in your bank statement.”
Currently, 9 banks assist Paytm UPI Lite — 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.
Paytm Payments Bank is a frontrunner in UPI peer-to-merchant (P2M) funds as the most important buying and beneficiary financial institution in addition to a number one remitter financial institution.
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