- Paytm UPI Lite has recorded a total transaction GMV of ₹280 crore so far
- RBI’s recent announcement of increasing transaction limit to ₹500 and enabling offline payments through NFC will further boost adoption of Paytm UPI Lite
- Makes way for lightning-fast payments without adding stress on the core banking system for every payment
- Over 63% of all UPI lite payments on Paytm QR are from Paytm app
- Provides clean bank statement with only a single passbook entry for loading UPI Lite balance
NE BUSINESS BUREAU
AHMEDABAD, AUG 10
India’s homegrown Paytm Payments Bank has recorded over 50 million UPI Lite transactions so far, with over 9 million users. Having been the first payments Bank to go live with UPI Lite, Paytm UPI Lite has recorded a total transaction GMV of ₹280 crore so far. Furthermore, over 63% of all UPI lite payments on Paytm QR are from Paytm app.
The recent announcement on UPI Lite by the Reserve Bank of India (RBI) to increase the transaction limit from ₹200 to ₹500 and enable offline payments with Near Field Communication (NFC) technology, will further boost the adoption of Paytm UPI Lite. This will also save the core banking system from stress, as the transactions will happen directly between a device and NPCI, not using the core banking system.
Designed for superfast and secure transactions, Paytm UPI Lite empowers users with lightning-fast payments that never fail. With Paytm UPI Lite, users can make single-click payments even when banks have success rate issues during peak transaction hours.
Moreover, Paytm UPI Lite incorporates robust security measures to protect user transactions, with 3-level bank-grade security. Individual payments made through UPI Lite are not shown in the bank passbook, offering a clean bank statement with only a single entry for adding UPI Lite balance which is a maximum of ₹2,000 that can be added twice a day, making the cumulative daily usage up to ₹4,000.
Paytm Payments Bank Spokesperson said, “We welcome RBI’s latest announcements on UPI Lite and are aligned to make Paytm UPI Lite bigger and even better. Paytm UPI Lite has already gained massive popularity with almost 50 million transactions so far with over 9 million users. The introduction of offline payments through UPI Lite, will be our UPI’s next rocket ship of payments, which will soon make instant transactions possible even in areas with limited or no network coverage. This will further increase the adoption of Paytm UPI Lite.”
Paytm Payments Bank is the leader in UPI payments with the highest market share in merchant payments as the largest acquiring bank. It has remained the top UPI beneficiary bank for almost two years, along with being one of the leading remitter banks.
