The system is designed to reduce the load on bank systems when making small value payments. It helps and improves the speed of transactions. Also, Paytm UPI Lite will work better in areas with limited connectivity, the company said.
Paytm Payments Bank is the leader in UPI Peer to Merchant (P2M) payments. This is because it is the largest acquiring beneficiary bank as well as leading in payments, Paytm added in a statement.
The company has nearly 2 million users as users can enjoy lightning fast UPI payments without ever failing. Paytm is committed to driving financial inclusion in India and empowering the country’s grassroots with the best digital payment solutions, a spokesperson said.
UPI Lite, enabled by the National Payments Corporation of India (NPCI), is designed to allow users to perform multiple small value UPI transactions without using a PIN. This feature enables quick one-click real-time transactions through Paytm. According to Paytm’s statement, with UPI Lite users can make a large number of small value UPI payments without worrying about the limit on the number of bank transactions. This leads to a seamless payment experience for customers.
Paytm UPI LITE is a secure ‘on-device’ wallet linked to the user’s bank account. It sets up a single entry in the user’s bank account. It is powered by the latest UPI Lite technology for successful payments. It will also offer three-level bank-grade security, Paytm said.
Currently, 10 banks support Paytm UPI Lite including 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.
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