Paytm Payments Bank Limited (PPBL) has launched UPI LITE on Wednesday. This feature has been launched by National Payments Corporation of India for many low value UPI transactions.
With the help of the feature, real time transactions can be done more quickly in one click through boxes. The bank aims to promote the trend of digital payments across the country.
NPCI made feature
UPI Lite has been designed by the National Payments Corporation of India (NPCI). This app was launched by the Reserve Bank of India i.e. RBI in September 2022. This also improves the bank passbook of small value transactions, as these payments will be visible only in the Paytm balance and history section. These will not be present in the bank passbook.
The bank has started this as part of its steps taken to increase innovation. He says that he is the first Payments Bank, which has launched such UPI Lite feature. The company said in a press release that once loaded, the UPI Lite wallet will allow users to make instant transactions of up to Rs 200, making the entire experience fast and seamless. The company said that a maximum of Rs 2,000 can be added to UPI Lite twice in a day. With this, a person will be able to use up to Rs 4,000 daily.
Transaction will also become more secure
NPCI COO Praveena Rai said that we are very excited to launch UPI Lite on Paytm Payments Bank. He said that in UPI Lite, users will get a faster, safer and seamless low-value transaction experience. He further said that more than 50 per cent transactions through UPI are of less than Rs 200. So UPI Lite will better authorize low value transactions. They will be separated from core banking.
Rai told that this will improve the success rate of the transaction. With this, the user experience will improve and it will take one step closer to processing one billion transactions on the UPI platform.
