Paytm focuses on UPI Lite wallet for everyday payments: No PIN required, users can add up to Rs 4,000 daily
May 13, 2024
New Delhi [India], May 13 : One97 Communications Limited, that owns popular fintech brand Paytm, said it is now focusing on UPI Lite wallet to move the users who prefer wallet for low-value everyday payments.
Paytm UPI Lite acts as an on-device wallet, allowing users to store funds and make payments on the go. It offers fast payments that never fail with no PIN requirement.
Paytm's UPI Lite wallet is designed for fast, secure, and reliable payments, allowing users to make instant, fail-proof transactions of up to Rs 500 each.
This service is especially useful for those who frequently handle small payments like buying groceries, paying for parking, or settling daily commute fares. It also keeps the bank statement clutter-free with only a single entry, regardless of the number of payments made, which is a significant convenience for users who prefer a clean financial overview.
Moreover, users have the flexibility to add up to Rs 2,000 to their wallet twice a day, reaching a total daily capacity of Rs 4,000.
"This streamlined approach helps users manage their small daily expenses efficiently, without the hassle of multiple entries in their bank passbooks, with no pin requirement, ensuring an organized and simplified financial tracking," said Paytm.
UPI Lite payments on Paytm app can be enabled by:
-- Go to Paytm app, and click on 'UPI Lite Activate' icon on the homepage
-- Choose the bank account that you want to use with UPI Lite
-- Enter the amount you wish to add to UPI Lite to start the payments
-- Validate the MPIN to create your UPI Lite account
-- UPI Lite account is setup for easy, one-tap payments
Further, to make payments using the UPI Lite wallet, users can simply scan any UPI QR code or enter the mobile number or choose one from the contacts list.
The collaboration between One97 Communications Limited (OCL) and leading Payment System Providers (PSPs) such as Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank will ensure a robust framework for your UPI transactions, Paytm said.
"We see the wallet as an essential payment tool that lets users keep money for everyday use and make quick payments on the go. Paytm UPI Lite improves this experience, allowing for faster transactions at local stores, and street vendors, and for regular purchases while keeping bank statements clear. We are committed to grow the UPI ecosystem in partnership with NPCI to every nook and corner of India," a Paytm spokesperson said.
