UPI Lite Account on Paytm: UPI has revolutionised real-time payments, and adding to its innovation is UPI’s new feature, UPI Lite. This new feature enables users to conduct quick transactions for small amounts of money without repeatedly entering a PIN. Although currently only 9 banks and 2 third-party apps, including Paytm, have implemented UPI Lite, it’s a major step forward for UPI.
UPI LITE is a new payment solution to process low value transactions till Rs.200. Users can pay upto Rs.200 without UPI pin. UPI LITE is customer-friendly, enables low value transactions without utilizing the Remitter bank’s core banking systems in real-time and provides adequate risk mitigation. In September 2022, the Reserve Bank of India launched UPI Lite, a digital account designed by the National Payments Corporation of India (NPCI).
What is UPI LITE?
UPI Lite allows users to conduct transactions using an ‘on-device’ wallet and not from a linked bank account. This means users will have to add money to the platform, in the case of Paytm in Paytm wallet to initiate transactions using UPI Lite.
Features of UPI LITE
- The UPI Lite app has a maximum balance limit of Rs 2000 at any given time.
- A maximum of Rs 2000 can be added to the UPI Lite account twice daily.
- This allows for a cumulative transaction limit of Rs 4000 in a day.
- Users can make multiple transactions within the maximum UPI Lite transaction limit.
How to Set Up UPI Lite Account on Paytm?
It is very easy to set up a UPI Lite Account on Paytm. To create a UPI Lite account on Paytm, follow these steps:
- Download and install the Paytm app from Google Play Store.
- Open the Paytm app and click on the UPI Lite icon on the homepage
- Choose the bank account eligible for UPI Lite.
- Enter the amount you wish to add to UPI Lite to activate UPI Lite account
- Validate your MPIN to create your UPI Lite account.
- Your UPI Lite account is now set up and you can make payments with just one tap.
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