Paytm brings UPI Lite Wallet for low-value transactions

Paytm’s parent company One97 Communications (OCL) is emphasizing upon UPI Lite wallet to shift its users who prefer wallet for low-value everyday payments.

Paytm UPI Lite will act as an on-device wallet and allows 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.

To activate UPI Lite payments, the user needs to go to the Paytm app, click on the 'UPI Lite Activate' icon on the homepage, and then choose the bank account that the user wants to use with UPI Lite.

After entering the amount that the user wish to add to UPI Lite, then validate the MPIN to create the account. By following all these steps, the UPI Lite account will be set up for easy, one-tap payments. 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 UPI transactions, facilitating seamless and uninterrupted payment experiences.

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.