NEW DELHI:  With UPI LITE payments, which enable quicker real-time transactions with a single tap on the Paytm app, Paytm Payments Bank has established itself as the only platform to exclusively offer these.

As per the statement released by the firm on Friday, Paytm UPI LITE will never fail even during peak transaction hours, even when banks have success rate issues.

Paytm UPI LITE aims to make digital payments more accessible to people across the country.  National Payments Corporation of India (NPCI) has launched UPI LITE, which enables users to conduct numerous small value UPI transactions without a PIN.  Users can quickly and easily execute transactions with a value up to Rs 200 at a time using Paytm UPI LITE.

Due to the fact that users do not need to input a PIN each time they make a payment, it offers a speedy, convenient, and hassle-free transaction experience. Users can also freely transfer their UPI balance to the same bank account at any moment, according to the company.

Since there is just one entry for the money transfer in the user's bank account as a result, bank statements are simplified. Moreover, users will receive an SMS from the bank each day that contains a history of all UPI LITE transactions that were completed the day before.

The company announced that it is giving users Rs 100 rebate for activating UPI LITE and adding Rs 1,000 as balance in order to promote usage.

We introduced UPI to every corner of the nation as the creators of QR and mobile payments. We are pleased to introduce UPI LITE as a development in our dedication to scalable and reliable payments. Payments with Paytm UPI never fail, transactions happen incredibly quickly, and your bank statement is clutter-free, according to a spokeswoman for the Paytm Payments Bank.

At the moment, nine banks viz 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 — support Paytm UPI LITE.

The largest acquiring, beneficiary, and top remitter banks, Paytm Payments Bank is a pioneer in UPI Peer to Merchant (P2M) payments.

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