Now, the low-value transactions would only appear in the Paytm balance and history area and not in the bank passbook. The Bank claimed that it is the first payments bank to deploy the UPI LITE feature as part of its efforts to promote innovation.
Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to u20b9200, making the entire experience quick and seamless. A maximum of u20b92,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to u20b94,000, it said in a release.
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 per cent of transactions through UPI below u20b9200, UPI LITE will successfully provide a distributed way of authorising low-value transactions, moving them away from core banking, said Praveena Rai, COO, NPCI. 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, Rai added.
Source: Money Control
The National Payments Corporation of India (NPCI) was established in 2008 as a centralised organisation to manage India’s retail payment and settlement systems. Users may also make a lot of small-value UPI payments quickly and easily with UPI LITE without having to worry about exceeding the limit on bank transactions.
We are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction, said Surinder Chawla, MD and CEO, Paytm Payments Bank. As the biggest beneficiary bank, acquiring bank, and leading remitter bank in UPI, we are a leader in the industry. We are thrilled to be the first to use UPI LITE to empower Indians. According to official NPCI data, half of all daily UPI transactions in the nation are for less than 200 rupees. With UPI LITE, consumers benefit from a faster and safer real-time small value payments experience.
With approximately 1,726.94 million transactions in December 2022, the bank outperformed all other significant banks in the nation and continued to hold the title of largest UPI beneficiary bank for 19 consecutive months. The bank is among the top 10 remitter banks for UPI transactions, according to the release’s citation of the most recent NPCI statistics, with 386.50 million recorded transactions. It is also one of the leading issuers and acquirer banks for the National Electronics Toll Collection (NETC) FASTag.
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