Paytm Payments Bank has become the first platform to launch UPI LITE payments, to enable quick and seamless transactions of up to ₹200 without having to enter a PIN to make a payment.
UPI LITE, enabled by National Payments Corporation of India (NPCI), aids users to carry out multiple small value UPI transactions without using a PIN. Moreover, users can transfer UPI balances back to their bank account anytime, without any charges.
Customers will receive a daily SMS from the bank containing a history of all UPI LITE transactions made during the previous day.
Cashback to users
“Paytm UPI LITE will never fail even during peak transaction hours, even when banks have success rate issues,” the company said in a release. To drive adoption, Paytm is offering ₹100 cashback to users for activating UPI LITE and adding ₹1,000 as balance.
Currently, nine banks support Paytm UPI LITE — Canara Bank, Central Bank of India, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank.