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Paytm launches UPI Lite wallet

Tuesday 14 May 2024 08:42 CET | News

India-based digital payments app Paytm has introduced its UPI Lite wallet for small-value transactions without the need of a PIN.

 

Paytm is now focusing on UPI Lite wallet to move the users who prefer wallet for low-value everyday payments. The company said the wallet allows small-value transactions without any need for a password or PIN.

Paytm’s officials see UPI Lite as an essential payment tool that lets users keep money for everyday use and make quick payments on the go. The digital payments app has also collaborated with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank to ensure a robust and reliable framework for all of its UPI transactions.

Paytm has introduced its UPI Lite wallet for small-value transactions without the need of a PIN.

A comprehensive look at UPI Lite

Paytm UPI Lite is an on-device wallet that allows users to store funds and make payments on the go. It offers quick payments that have no PIN requirement.

With Paytm's new payment tool users can make instant, fail-proof transactions of up to USD 6 each. This is a useful thing for people who often make small payments such as buying goods at the grocery shop, parking fee payments, or clearing daily fares.

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.

UPI Lite also enables users to top up their wallets up to USD 24 twice a day, thus reaching a daily capacity of USD 48. It enables users to follow a simple financial tracking process and manage their everyday small expenses well without facing the problem of multiple entries of the transactions in the bank passbooks, with no pin required.

How to enable and use UPI Lite payments on the Paytm app?

To enable UPI Lite payments on the Paytm app, one needs to simply open the app and click on the 'UPI Lite Activate' icon on the homepage. After a bank account is chosen for UPI Lite, the user enters the desired amount, and initiates payments. Lastly, the user needs to validate the MPIN to create his UPI Lite account.

To make payments using Paytm’s UPI Lite wallet, one can either scan any UPI QR code, enter the mobile number, or choose one from the contacts list to pay.


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Keywords: digital wallet, UPI, mobile payments, QR code, product launch
Categories: Payments & Commerce
Companies: Paytm
Countries: India
This article is part of category

Payments & Commerce

Paytm

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