Paytm Funds Financial institution Restricted (PPBL), part of cell fee firm Paytm has enabled the UPI LITE function for its customers for quicker UPI funds for a number of small-value UPI transactions. Paytm in a weblog put up on Thursday mentioned, “Our affiliate Paytm Funds Financial institution Restricted (PPBL), has gone dwell with UPI LITE, empowering its customers with lightning-fast UPI funds that by no means fail. With this, customers can activate their UPI LITE accounts linked to Paytm Funds Financial institution financial savings accounts for hassle-free transactions.”
The corporate mentioned that for funds of as much as Rs 200, UPI Lite eliminates the necessity for UPI PIN. UPI LITE is solely out there on the Paytm app.
UPI LITE is a function enabled by the Nationwide Funds Company of India (NPCI) for a number of small-value UPI transactions. With UPI LITE, customers can perform a lot of small-value UPI funds with out worrying concerning the financial institution cap on UPI transactions.
“Having been the primary to convey UPI LITE to customers, we are actually excited to allow our Checking account holders to hyperlink their accounts with UPI LITE. With this, customers pays with UPI LITE for lightning quick funds that by no means fail. We proceed to take our revolutionary funds choices to the following degree, driving monetary inclusion within the nation,” a Paytm Funds Financial institution Spokesperson mentioned.
“As soon as loaded, a UPI LITE permits a person to do instantaneous transactions of as much as Rs 200, making all the expertise safe and seamless. A most of Rs 2,000 may be added twice in a day to UPI LITE, making the cumulative day by day utilization as much as Rs 4,000,” the weblog mentioned.
Additional, funds made utilizing UPI LITE de-clutter the passbook of PPB customers. These small-value transactions would now present within the Paytm stability and historical past part. In accordance with the NPCI, customers will obtain a day by day transaction historical past of all of the funds made by means of UPI LITE as an SMS from their banks.
Also Read: Daily UPI Transactions Zoom 50 Per Cent To 36 Crore: RBI Governor Shaktikanta Das
Paytm Funds Financial institution remained the biggest UPI beneficiary financial institution for 20 months in a row with over 1,765.87 million transactions in January 2023, forward of all main banks within the nation. With 389.61 million registered transactions, the Financial institution is without doubt one of the prime 10 remitter banks for UPI transactions, based on NPCI’s newest report. In January, PPBL processed 58.34 million transactions as an Issuer Financial institution and 47.71 million transactions as an Acquirer Financial institution.
