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Paytm Payments Bank becomes first payments bank to launch UPI LITE

Paytm signs MoU with Government of Andhra Pradesh at Global Investors Summit 2023, to drive initiatives in Financial Inclusion, Public Health, Cyber Security


Paytm Payments Bank becomes first payments bank to launch UPI LITE

Paytm Payments Bank Limited (PPBL), has gone live with UPI LITE, a feature enabled by National Payments Corporation of India for multiple small value UPI transactions. It enables faster real-time transactions with a single click through Paytm. With UPI LITE, the Bank aims to drive adoption of digital payments across the country.

Paytm Payments Bank continues to be a leader in UPI P2M (Peer to Merchant) payments as the largest beneficiary bank, and a leading acquiring and remitter bank. As a part of its efforts to drive innovation, the Bank is the first payments bank to launch UPI LITE.

Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to ₹200, making the entire experience quick and seamless. A maximum of ₹2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to ₹4,000.

Additionally, with UPI LITE, users can carry out a large number of small value UPI payments in a superfast manner without worrying about cap on the number of bank transactions. This makes way for hassle-free payments, as it is a step ahead from the current limitations of 20 UPI payments in a day.

Designed by National Payments Corporation of India (NPCI), UPI LITE was launched by the Reserve Bank of India in September 2022. It also de-clutters the bank passbook of small value transactions, as these payments would now only show in the Paytm balance & history section, and not in the bank passbook.

Narendra Singh Yadav, Chief Business Officer, 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 ₹200 and with UPI LITE, users get superior experience with faster and safer real-time small value payments. We continue to remain committed to driving financial inclusion and taking mobile payments to the masses.”

Paytm Payments Bank had also recently announced that users can receive and send money instantly to any mobile number with a registered UPI ID across platforms using the Paytm app. This further deepens Unified Payments Interface (UPI) interoperability and roots for the adoption of mobile payments.

PPBL 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. PPBL is one of the leading issuers and acquirer banks for National Electronics Toll Collection (NETC) FASTag. In December 2022, PPBL PPBL registered 61.5 million transactions as an Issuer Bank and 50.59 million transactions as an Acquirer Bank.

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