Paytm UPI Lite is leading small-value payments in India with single-click transactions that never fail

When it comes to digital payments, UPI has become the most preferred option for consumers. According to NPCI, 9.96 billion transactions worth ₹15.34 lakh crore were processed through UPI in July 2023. Taking the popularity of UPI a step ahead, UPI Lite has taken over the country’s imagination for small-value transactions up to ₹200 in a single-click.

Since its launch earlier this year, UPI Lite has seen massive adoption in the country with more than 10 million transactions being processed through it in a month. Paytm was the first to introduce UPI Lite for small value transactions, emerging as the leading payments platforms for UPI Lite. In fact, over 63% of all UPI Lite payments through Paytm QR Codes are from Paytm app.

Paytm Payments Bank has recorded over 50 million UPI Lite transactions so far, with over 9 million users. Having been the first payments bank to go live with UPI Lite, Paytm UPI Lite has recorded a total transaction GMV of ₹280 crore till date.

Recognising the transformative impact of UPI Lite in everyday lives and its widespread popularity, the Reserve Bank of India recently announced an increase in its transaction limit from ₹200 to ₹500. To further boost the adoption of UPI Lite, the apex bank is also set to introduce offline payments through UPI Lite by leveraging Near Field Communication (NFC) technology.

Paytm UPI Lite has been designed for superfast and secure transactions to empower users with lightning-fast payments that never fail. With Paytm UPI Lite, users can make single-click payments even when banks have success rate issues during peak transaction hours. This is because UPI Lite saves the core banking system from stress, as the transactions will happen directly between a device and NPCI, not using the core banking system.

One of the major benefits of Paytm UPI Lite is that individual payments made through it are not reflected in the bank passbook, offering a clean bank statement. Only a single entry for adding UPI Lite balance is shown which is a maximum of ₹2,000 that can be added twice a day, making the cumulative daily usage up to ₹4,000. Additionally, Paytm UPI Lite incorporates robust security measures to protect user transactions, with 3-level bank-grade security.

Paytm UPI Lite balance can be used to make superfast UPI payments to any UPI QR Code, send money to any mobile number, or even transfer to one’s own self bank accounts linked to Paytm App through the self-transfer option. Currently, 16 banks support Paytm UPI Lite — Paytm Payments Bank, State Bank of India, HDFC Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank, AU Small Finance Bank, Indian Bank, Punjab National Bank, Union Bank of India, UCO Bank, Canara Bank, Central Bank of India, Federal Bank, Punjab and Sind Bank, and Utkarsh Small Finance Bank.

Pioneer of mobile payments in India, Paytm has been driving convenience for users with its innovative payments solutions. With UPI Lite, the company has added another dimension to its comprehensive payments offerings, enabling reliable and superior payments experience. The fintech giant has revolutionised the way Indians transact, making everyday payments hassle-free, quick and seamless.

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