Paytm Payments Bank Limited (PPBL) has launched UPI Lite, a feature enabled by National Payments Corporation of India (NPCI) for multiple small value UPI transactions, as a part of its efforts to drive innovation. The UPI LITE feature will enable faster real-time transactions with a single click through Paytm, the bank said in a statement.

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PPBL is the largest acquiring and beneficiary bank along with being one of the leading remitter banks. It is the first payments bank to launch UPI LITE, it said.

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"Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to ₹200, making the entire experience quick and seamless. A maximum of ₹2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to ₹4,000," the bank said in a release.

"Additionally, with UPI LITE, users can carry out a large number of small value UPI payments in a superfast manner without worrying about cap on the number of bank transactions. This makes way for a hassle-free payments experience," the statement added.

Here's how you can set up UPI LITE:

On Paytm home page, tap on ‘Profile’ on the Top Left.

Now click on “UPI & Payment Settings” and Tap on “UPI LITE” in “Other Settings”

Select the Bank account that is eligible for “UPI LITE”

Enter the amount to be added to UPI LITE on ‘Add Money to Activate UPI LITE’ page

Enter the MPIN and validate it. UPI LITE account is created

Once the UPI LITE account is created, for subsequent payments you can make payments with a single tap

Commenting on the launch, Praveena Rai, COO, NPCI said that the feature shall further improve the success rate of transactions, enhancing the user experience, and taking us one more step closer to processing a billion transactions a day on the UPI platform.

"We are very excited to launch UPI LITE on Paytm Payments Bank. UPI LITE provides users a faster, secure, and seamless low-value transaction experience. With more than 50 percent of transactions through UPI below Rs 200, UPI LITE will successfully provide a distributed way of authorising low value transactions, moving them away from core banking."

Surinder Chawla, MD and CEO, Paytm Payments Bank said, " As per official data from NPCI, half of the everyday UPI transactions in the country are less than Rs 200 and with UPI LITE, users get superior experience with faster and safer real-time small value payments. We are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction."

The bank remained the largest UPI beneficiary bank for 19 months in a row with over 1,726.94 million transactions in December 2022, ahead of all major banks in the country.

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