Paytm Payments Bank launches UPI LITE; Allows Payments Without a Pin
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- Paytm had introduced UPI Lite in its app
- With UPI Lite, users can do seamless payments of up to Rs 200
- UPI Lite is an on-device wallet that can store up to Rs 4,000 in its wallet
As reported earlier, Paytm becomes the first third-party UPI app to launch UPI Lite. UPI Lite is the new feature from NPCI for the UPI platform whereby users will be able to do on-device offline transactions for amounts below Rs 200.
Surinder Chawla, MD and CEO, of Paytm Payments Bank said, “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 a superior experience with faster and safer real-time small-value payments. We are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction.”
With UPI Lite, users will be able to add up to Rs 4,000 to the on-device UPI wallet. Users won’t be able to add Rs 4,000 in a single go, it should be split across Rs 2,000 and Rs 2,000, the company noted in the blog post launching the feature.
Users will be able to do payments of up to Rs 200, which will be debited from the UPI Lite wallet. The payments will be instant and don’t require entering the UPI PIN.
UPI Lite payments also don’t count against the bank thresholds of payments per day. Some banks have limits on the number of payments that can be done by a user per day. Using the UPI Lite feature will bypass that restriction.
It is to be noted that Paytm launched UPI Lite for Paytm Payments Bank, and not the Paytm app. So only users with an account with Paytm Payments bank might be able to use the UPI Lite feature in Paytm.
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