February 24, 2023: Indian digital bank, Paytm Payments Bank is currently the only platform to offer UPI LITE payments, which enables faster real-time transactions with a single tap on the Paytm app
UPI LITE, enabled by National Payments Corporation of India (NPCI), aids users to carry out multiple small value UPI transactions without using a PIN
Using Paytm UPI LITE, users can carry out quick and seamless transactions of value up to Rs 200 at a time at a lightning fast speed. It provides superfast, convenient and hassle-free transaction experience as users don't have to enter a PIN everytime they make a payment. Moreover, users can transfer UPI balance back to the same bank account anytime, without any charges.
With this, only one money transfer entry is made in the user's bank account, which declutters bank statements as customers will daily receive an SMS from the bank containing a history of all UPI LITE transactions made during the previous day.
To drive adoption, the company is offering ₹100 cashback to users for activating UPI LITE and adding ₹1000 as balance.
Currently, 9 banks support Paytm UPI LITE — Canara Bank, Central Bank of India,HDFC Bank, Indian Bank, Kotak More info here: https://www.paytmbank.com/