PPBL, the Paytm Payments Bank Limited, has introduced a new feature called UPI LITE that allows for quick and easy UPI transactions with just one click. PPBL was also recently granted approval by the RBI to operate as a Bharat Bill Payment Operating Unit.
This feature, developed by the National Payments Corporation of India, is designed for small transactions and is intended to encourage greater use of digital payments throughout the country.
Paytm Payments Bank – the First Payments Bank to launch UPI LITE
Paytm Payments Bank is a leading bank in UPI transactions and has introduced UPI LITE, the first payments bank to do so, as part of its commitment to innovation. UPI LITE is a digital wallet that enables quick and seamless transactions of up to Rs. 200, and a maximum of Rs. 4,000 can be used daily.
Users can make a large number of small value payments without worrying about transaction limits, and the feature also simplifies the bank passbook by keeping small value transactions only in the Paytm balance and history section. UPI LITE was designed by the National Payments Corporation of India and launched by the Reserve Bank of India in September 2022.
Paytm Payments Bank has recently announced the ability to send and receive money instantly to any mobile number with a registered UPI ID through the Paytm app. This feature enhances UPI interoperability and promotes the adoption of mobile payments. PPBL is the largest UPI beneficiary bank in the country, with over 1,765.87 million transactions in January 2023.
It is also among the top 10 remitter banks for UPI transactions with 389.61 million registered transactions. Additionally, PPBL is a leading issuer and acquirer bank for National Electronics Toll Collection (NETC) FASTag, having processed 61.15 million transactions as an issuer bank and 50.58 million transactions as an acquirer bank in December 2022.
Speaking on the announcement, Praveena Rai, COO, NPCI, said
We are very excited to launch UPI LITE on Paytm Payments Bank. UPI LITE provides users a faster, secure, and seamless low-value transaction experience. With more than 50% of transactions through UPI below ₹200, UPI LITE will successfully provide a distributed way of authorising low value transactions, moving them away from core banking. This shall further improve the success rate of transactions, enhancing the user experience, and taking us one more step closer to processing a billion transactions a day on the UPI platform.
Speaking on the announcement, Surinder Chawla, MD and CEO, 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 are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction.