Paytm Payments Bank has over 4.3 million users on Paytm UPI Lite, which is an on-device feature that facilitates quick and hassle-free instant small-value transactions.
Paytm , which was the first payments bank to launch UPI Lite, has recorded over 10 million UPI Lite transactions (through the Paytm Super App) so far since launch on March 17.
Designed by NPCI, UPI Lite was launched by the Reserve Bank of India in September 2022. It is a compressed version of UPI that is designed to handle high-volume, low-value transactions that range from ₹ 1 to ₹ 200.
Decluttering passbook
It also de-clutters the bank passbook of small value transactions, as these payments would now only show in the Paytm balance and history section, and not in the bank passbook.
UPI Lite is a digital account designed to facilitate low-value transactions. This feature will make small ticket transactions easier and quicker. The maximum UPI Lite transaction limit is ₹200. Paytm had last month introduced UPI Lite which enables users to carry out transactions up to ₹200, with a maximum cumulative limit of ₹4000.
“We have achieved over 4.3 million Paytm UPI Lite users and 10 million transactions milestone in a short span of time and it has made everyday payments hassle-free, quick and seamless for users. Paytm UPI Lite is powered by the security and technology of Paytm Payments Bank. As the pioneer of mobile payments in India, we are committed to driving financial inclusion”, a Paytm spokesperson said.
Paytm UPI Lite balance can be used to make superfast UPI payments to any UPI QR, send money to any mobile number, or even transfer to one’s own self bank accounts linked to Paytm Super App through the self-transfer option. Currently, 10 banks support Paytm UPI LITE — Paytm Payments Bank, 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. Many other major banks are expected to go live with UPI LITE soon.
Paytm Payments Bank is the leader in UPI payments with the highest market share in P2M (peer-to-merchant) payments as the largest acquiring bank. It has remained the top UPI beneficiary bank for 21 months in a row, along with being one of the leading remitter banks.
Paytm UPI Lite facilitates lightning-fast UPI payments even when banks face success rate issues during peak transaction hours.
The digital payments industry in India is witnessing exceptional growth. Over the last five years, the volume of digital payments in India increased at an average annual rate of 50 percent. Its expansion, especially in the United Payments Interface (UPI), has been even more significant – a whopping 160% annually.
IPL special
On the Paytm app, during this IPL season, Paytm UPI is running cashback offers with top fantasy gaming apps including Dream11, MPL, My11Circle, First Games, Winzo, and Myteam11. Users can use Paytm UPI LITE and get upto ₹ 300 Cashback while adding money in each of these apps for making their fantasy cricket teams.
Additionally, this IPL season, Paytm has also launched a game on its app called Paytm Cricket League. In this game, users can score runs by using Paytm for all their payment needs and stand a chance to win iPhone14, up to ₹ 7000 cashback and many more exciting prizes.
Users can enter this game on Paytm App through the Play & Win icon in the Featured section on the app homepage or can search for Paytm Cricket League in the Search tab on the app homepage.