Paytm, one of the largest and oldest online payment platforms in India, has said that it is currently the only platform in the country to exclusively offer UPI Lite payments. UPI Lite payments enable faster real-time transactions with just a single tap on the Paytm app. The purpose is to eliminate the need to enter the PIN every time you are trying to buy something. Thus, for low-value transactions, Paytm UPI Lite will allow users to pay up to Rs 200 without the need for a PIN. With just a single tap in the Paytm app, users will be able to make payments of up to Rs 200.
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Paytm Giving Rs 100 Cashback on Loading of Rs 1000
Paytm has said that to drive the adoption, it is offering a Rs 100 cashback on activating UPI Lite and loading Rs 1000. UPI Lite, enabled by the National Payments Corporation of India (NPCI), aids users in carrying out multiple small-value transactions without using a UPI PIN. This is a convenient service for users who mostly rely on digital platforms to make payments.
Entering the UPI PIN every time you are trying to make payments can be a little tiring. Thus the concept of UPI Lite actually has merits as it would encourage more users to leverage the system of UPI to make online payments, as paying online hasn't been more convenient than now. 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.
Which Banks Support UPI Lite?
Paytm said that currently, only 9 banks support UPI Lite in India. The banks which support it are - 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.
