But its spectacular growth has brought with it an unexpected set of challenges. In India, 300 million transactions are processed on a daily basis, according to NPCI data, and sometimes bank servers struggle with the load during peak hours, causing payments to fail in a small number of cases. While UPI is already super fast, Paytm UPI Lite has now resolved the remaining hurdles to make payments more smoothly.
Powered by Paytm Payments Bank’s robust technology, users on the Paytm app can pay with UPI Lite, designed by India’s QR and mobile payments pioneer Paytm to make small value transactions easier and faster. Paytm UPI Lite is built to efficiently handle high volumes of low value transactions, improving the overall performance of the UPI system.
Transactions with Paytm UPI Lite are less likely to fail, making it a more reliable option for payments. The on-device UPI Lite wallet within the Paytm app can hold a maximum balance of ₹2,000 at any point of time, allowing users to do multiple transactions within the limit. With a maximum single transaction limit of ₹200 and a cumulative daily limit of ₹4,000, it is perfect for routine transactions like grocery shopping or buying small items. Unlike traditional UPI transactions, UPI Lite transactions do not require the entry of a 4 or 6 digit PIN, thereby further streamlining the process.
The introduction of UPI Lite by Paytm has resulted in several significant benefits for the users, including less clutter on the bank passbook due to reduced number of transaction details, easier small-value transactions and multiple transactions for smaller amounts without overpayments. Includes ability to pay. Cap on number of transactions. Paytm has seen tremendous success with UPI Lite as over 6 million users have signed up for the feature since its launch in February 2023.
Users have appreciated the convenience and speed of Paytm UPI Lite, which has become a lifesaver for daily transactions. Paytm was the first major mobile payment app to incorporate UPI Lite, which is developed by the National Payments Corporation of India (NPCI). Paytm has emerged as a beacon of convenience and efficiency with the rapid growth of digital payments in India, progressing its innovations.
Consumer Connect Initiative