Paytm Funds Financial institution Restricted (PPBL) is now dwell with its UPI LITE, a characteristic enabled by Nationwide Funds Company of India for a number of small-value UPI transactions. The UPI LITE characteristic permits quicker real-time transactions with a single click on by way of Paytm because the financial institution goals to drive the adoption of digital funds throughout the nation.
Designed by the Nationwide Funds Company of India (NPCI), UPI LITE was launched by the Reserve Financial institution of India in September 2022. It additionally de-clutters the financial institution passbook of small worth transactions, as these funds would now solely present within the Paytm stability and historical past part, and never within the financial institution passbook.
As part of its efforts to drive innovation, the Financial institution mentioned it’s the first funds financial institution to launch such UPI LITE characteristic.
“As soon as loaded, a UPI LITE pockets permits a consumer to do on the spot transactions of as much as Rs 200, making your complete expertise fast and seamless. A most of Rs 2,000 might be added twice in a day to UPI LITE, making the cumulative day by day utilization as much as Rs 4,000,” it mentioned in a launch.
“We’re very excited to launch UPI LITE on Paytm Funds Financial institution. UPI LITE supplies customers a quicker, safe, and seamless low-value transaction expertise. With greater than 50 per cent of transactions by way of UPI under Rs 200, UPI LITE will efficiently present a distributed manner of authorising low-value transactions, transferring them away from core banking,” mentioned Praveena Rai, COO, NPCI.
“This shall additional enhance the success price of transactions, enhancing the consumer expertise, and taking us another step nearer to processing a billion transactions a day on the UPI platform,” Rai added.
Nationwide Funds Company of India (NPCI) was included in 2008 as an umbrella organisation for working retail funds and settlement techniques in India.
Moreover, with UPI LITE, customers can perform a lot of small-value UPI funds in a superfast method with out worrying about cap on the variety of financial institution transactions.
“We’re focussed on driving digital inclusion and the launch of UPI LITE is an enormous step forward in that path,” mentioned Surinder Chawla, MD and CEO, Paytm Funds Financial institution.
“We’re a frontrunner in UPI as the most important beneficiary financial institution, buying financial institution and a number one remitter financial institution. We’re excited to be the primary to empower Indians with the ability of UPI LITE. As per official information from NPCI, half of the on a regular basis UPI transactions within the nation are lower than Rs 200 and with UPI LITE, customers get superior expertise with quicker and safer real-time small worth funds.”
The financial institution remained the most important UPI beneficiary financial institution for 19 months in a row with over 1,726.94 million transactions in December 2022, forward of all main banks within the nation.
With 386.50 million registered transactions, the financial institution is without doubt one of the high 10 remitter banks for UPI transactions, the discharge mentioned NPCI’s newest report.
It is usually one of many main issuers and acquirer banks for the Nationwide Electronics Toll Assortment (NETC) FASTag.