One97 Communications Limited (OCL), which owns leading payments and financial services company Paytm, on Monday, said that it is now focusing on UPI Lite wallet to move the users who prefer wallet for low-value everyday payments.
Commited to Growing UPI System
Paytm UPI Lite will act as an on-device wallet, allowing users to store funds and make payments on the go. It is designed for fast, secure, and reliable payments, allowing users to make instant, fail-proof transactions of up to Rs 500 each. "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, street vendors, and regular purchases while keeping bank statements clear," a Paytm spokesperson said. "We are committed to growing the UPI ecosystem in partnership with NPCI to every nook and corner of India," it added.
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To enable UPI Lite payments, go to the Paytm app, click on the 'UPI Lite Activate' icon on the homepage, and then choose the bank account that you want to use with UPI Lite. Now, enter the amount you wish to add to UPI Lite to start the payments, and then validate the MPIN to create your account. Following these steps, your UPI Lite account will be set up for easy, one-tap payments.
This service is especially useful for those who frequently handle small payments like buying groceries, paying for parking, or settling daily commute fares. | Representative Image
Focus on Small Payment
To make payments using the UPI Lite wallet, simply scan any QR code, enter the mobile number or choose one from the contacts list. The company partnered with leading Payment System Providers (PSPs), such as Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank that will ensure a robust and reliable framework for your UPI transactions, facilitating seamless and uninterrupted payment experiences.
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 will 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 will help users manage their small daily expenses efficiently, without the hassle of multiple entries in their bank passbooks, with no pin requirement, ensuring organised and simplified financial tracking.
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