Paytm's UPI Lite: On Monday, One97 Communications Ltd (OCL), which owns leading payments and financial services company Paytm, said that it is now concentrating on the UPI Lite wallet to attract users who want to make low-value everyday payments. They prefer to use a wallet. Paytm UPI Lite will function as an on-device wallet, allowing users to store funds and make payments on the go.
It has been designed for rapid, safe, and reliable payments, enabling users to conduct instantaneous, fail-proof transactions of up to Rs 500.
"We see the wallet as an essential payment tool that lets users keep money for everyday use and make quick payments on the go. Paytm UPI Lite improves this experience, allowing for faster transactions at local stores, street vendors, and regular purchases while keeping bank statements clear," a Paytm spokesperson said.
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"We are committed to growing the UPI ecosystem in partnership with NPCI to every nook and corner of India," it added.
To enable UPI Lite payments, go to the Paytm app, tap the 'UPI Lite Activate' icon on the homepage, and then choose the bank account you wish to use with UPI Lite. Now, enter the amount you want to add to UPI Lite to begin the payments, and then validate the MPIN to create your account. Following these steps, your UPI Lite account will be set up for easy, one-tap payments.
To make a payment using UPI Lite Wallet, simply scan any QR code, enter the mobile number, or select one from the contact list. The company has partnered with major payment system providers (PSPs) such as Axis Bank, HDFC Bank, and State Bank. of India (SBI), and Yes Bank which will ensure a strong and reliable framework for your UPI transactions, facilitating a seamless and seamless payment experience.
This service is especially useful for people who frequently handle little payments like buying groceries, paying for parking, or paying the daily commute fare. This keeps bank statements clutter-free with just a single entry, no matter how many payments are made. This is a significant feature for users who want a clean financial overview.
Additionally, users will have the ability to add up to Rs 2,000 to their wallet twice a day, bringing the total daily capacity to Rs 4,000. This streamlined approach will help users efficiently manage their little daily expenditures, ensuring organized and simplified financial tracking, without the hassle of multiple entries in their bank passbooks, and the need for a PIN.
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(With IANS Inputs)