New Delhi: One97 Communications Limited (OCL), the parent company of Paytm, a leading payments and financial services provider, announced on Monday its strategic focus on Paytm UPI Lite, targeting users inclined towards wallets for everyday low-value transactions.
Paytm UPI Lite functions as an on-device wallet, facilitating users to securely store funds and conduct transactions swiftly while on the move. Engineered for rapid, secure, and dependable payments, it empowers users to execute instant, fail-safe transactions up to Rs 500 each.
“A wallet serves as a pivotal payment instrument for users, allowing them to conveniently manage funds for daily expenditures and expedite transactions swiftly. Paytm UPI Lite enhances this user experience, ensuring expedited transactions at local vendors, street-side merchants, and routine purchases, while maintaining the clarity of bank statements,” remarked a Paytm spokesperson.
To activate UPI Lite payments, users can navigate to the Paytm app, locate the ‘UPI Lite Activate’ icon on the homepage, and select their preferred bank account for integration with UPI Lite. Subsequently, they can input the desired amount to initialize UPI Lite transactions and validate the MPIN to establish their account.
Following these steps, users will have their UPI Lite account configured for effortless, single-tap payments. To utilize the UPI Lite wallet for transactions, users can conveniently scan any QR code, input a mobile number, or select one from their contact list.
In collaboration with leading Payment System Providers (PSPs) such as Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank, the company has ensured a robust and dependable framework for UPI transactions, ensuring seamless and uninterrupted payment experiences.
This service particularly caters to individuals who frequently engage in minor transactions such as grocery shopping, parking fees, or daily commute expenses.
Furthermore, it streamlines bank statements by consolidating multiple payments into a single entry, offering users a clutter-free financial overview.
Additionally, users can conveniently add up to Rs 2,000 to their wallet twice daily, reaching a cumulative daily limit of Rs 4,000. This streamlined process aids users in efficiently managing their daily expenses without multiple entries in their bank passbooks, eliminating the need for a PIN, and ensuring organized and simplified financial tracking.
