The well-known payment app Paytm has unveiled a new feature called UPI Lite that enables users to conduct quick transactions for modest amounts of money without having to repeatedly input a PIN. Unified Payments Interface (UPI), a digital payment system that enables real-time bank-to-bank transactions, is an acronym for the uninitiated.
Paytm UPI Lite – All You Need to Know
Users can enter their UPI payment information using the current configuration before sending money. When making a purchase, users have the choice to add money to their wallets.
Knowledgeable users will find UPI Lite advantageous, especially in situations that require prompt responsiveness. Paytm enables customers to effortlessly conduct transactions of up to ₹200 with just one click using UPI Lite. Furthermore, Paytm has stated that users can add a maximum of ₹2,000 to their UPI Lite wallet twice per day, allowing for a cumulative daily usage limit of ₹4,000.
More consumers should be able to use digital payments thanks to this capability, it is anticipated. One of the top remitter banks in the UPI system, Paytm Payments Bank is also the system’s biggest acquiring and beneficiary bank. This is the first payments bank to provide UPI Lite as part of its commitment to innovation. Users are now able to quickly complete a large number of small-value UPI payments thanks to UPI Lite.
These transactions wouldn’t appear in the bank passbook; instead, they would only appear in the Paytm balance and history area. As a result, modest-value transactions are removed from the bank passbook.
Overall, UPI Lite is a simple and hassle-free solution to conduct digital transactions of low value without continually entering a PIN. It is anticipated to increase access to digital payments for all citizens of India, particularly those who are unfamiliar with them.
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