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Specifically designed for transactions up to Rs 500 each, it targets small payments such as groceries, parking fees, or daily commute fares. Users can add up to Rs 2,000 to their wallet twice a day, with a daily limit of Rs 4,000.
“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 for regular purchases while keeping bank statements clear,” a Paytm spokesperson said in a statement.
The UPI Lite option was offered on the Paytm app in February last year, shortly after its introduction by the RBI in September 2022.
The collaboration between OCL and leading Payment System Providers (PSPs) such as Axis Bank, HDFC Bank, State Bank of India (SBI), and Yes Bank ensures a robust and reliable framework for UPI transactions, facilitating seamless and uninterrupted payment experiences, the statement added.
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It also maintains a clutter-free bank statement, condensing multiple payments into a single entry. This feature offers convenience for users who prefer a clear financial overview, the company said.Other players like Google Pay and PhonePe also offer UPI Lite as a payment option on the application.
In a statement released on April 24, Paytm said it is actively collaborating with its banking partners to ensure a smooth transition to its new UPI platform for both merchants and consumers.
