Paytm has been a pioneer in introducing innovative features in the world of mobile payments in India. From the Paytm wallet to QR code-based payments and audio confirmations with the Paytm soundbox, Paytm has constantly been pushing the boundaries of India's payment ecosystem. The latest innovation introduced by Paytm is UPI Lite, which has made payments lightning fast and hassle-free for its users.
UPI Lite is a feature that allows users to make multiple small value UPI payments in a super-fast manner without worrying about their bank transaction count limits. With UPI Lite, users can do instant transactions of up to rupees 200 with a single click directly from their UPI Lite wallet without even entering their UPI ID or pin every time. Currently, Paytm is the only major app with this functionality, making UPI on Paytm better than any other app.
Setting up UPI Lite on Paytm is a simple five-step process. Users need to tap on the profile on the top left of the Paytm homepage, click on UPI and payment settings, and tap on UPI Lite in other settings. They then need to select the bank account that is eligible for UPI Lite, enter the amount to be added to UPI Lite on the add money to activate UPI Lite page, enter the MPIN and validate it, and voila! Their UPI Lite account is created, and they can now make payments with a single click without even entering their UPI pin.
One of the significant advantages of UPI Lite is that it makes payments fail-proof. With UPI transactions, if your bank server is down or facing technical difficulties, your transaction may fail or go into a pending state. However, with UPI Lite, you transfer money into your UPI Lite wallet and transfer it from there. In this case, your transaction doesn't have any dependency on your bank, so even if your bank experiences technical issues, you can pay a merchant or a user without any hassle. This feature is particularly helpful during peak hours between 5 PM to 7 PM when UPI transactions peak, and bank servers are overloaded. This gives a very high success rate for payments and ensures that there are no pending payments.
Another advantage of UPI Lite is that it keeps your bank statement clutter-free. The transactions you do through UPI Lite don't appear in your bank passbook, so your bank statement is not cluttered with small value payments. However, you can always track your payments under the UPI Lite menu on Paytm, and you can even transfer the UPI Lite balance back into the same bank account anytime without any charges.
UPI Lite is currently available for select bank account holders only, and Paytm plans to roll it out for the rest soon. As of now, Paytm UPI Lite is supported by Paytm Payments Bank, HDFC Bank, State Bank of India, Kotak Mahindra Bank, Canara Bank, Central Bank of India, Indian Bank, Punjab National Bank, Union Bank of India, and Utkarsh Small Finance Bank. With UPI Lite, Paytm has yet again revolutionized the payments ecosystem and user experience, something that we have never seen before.
Paytm's leadership in QR and mobile payments in India is evident from the number of merchants paying subscriptions for payment devices like the Paytm soundbox, which has reached over 6.1 million at the end of January 2023. Paytm's scale and reach across India have taken UPI to every nook and corner of the country, making digital payments synonymous with Paytm. With UPI Lite, Paytm has taken another step towards making payments lightning fast and hassle-free, and users can now enjoy UPI payments that never fail.