Paytm Payments Bank Launches NPCI’s UPI LITE Feature for Faster Real-Time Transactions
Designed by NPCI, UPI LITE was launched by the Reserve Bank of India in September 2022.
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Paytm Payments Bank Limited (PPBL) is now live with its UPI LITE, a feature enabled by National Payments Corporation of India for multiple small-value UPI transactions.
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The UPI LITE feature enables faster real-time transactions with a single click through Paytm as the bank aims to drive the adoption of digital payments across the country.
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Designed by the National Payments Corporation of India (NPCI), UPI LITE was launched by the Reserve Bank of India in September 2022.
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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.
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As a part of its efforts to drive innovation, the Bank said it is the first payments bank to launch such UPI LITE feature.
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"Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to Rs 200, making the entire experience quick and seamless. A maximum of Rs 2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to Rs 4,000," it said in a release.