As every month billions of transactions happen over UPI every day, failure of the link is very common. To address this problem, the National Payments Corporation of India (NPCI) introduced UPI Lite last year in September. UPI Lite is a lighter and more efficient version of UPI for smaller transactions. Currently, Paytm has applied the UPI Lite to its own payment platform.
UPI Lite is the feature enabled by NPCI only for the self-developed BHIM App. The development of this feature was intended to allow users to quickly carry out small transactions of up to Rs 200 with a single touch.
For the first time, a third-party app, Paytm, gain the support for the UPI Lite to introduce it on its platform. The company claims that UPI Lite will enable faster real-time transactions. Even during high transaction hours, UPI Lite will "never fail."
It is similar to Paytm wallet payments, but whenever users make a payment, it does not ask for a pin. Users can do multiple small-value UPI transactions of up to Rs 200 at a time. Additionally, they can also back the UPI balance to the same bank account anytime without any charge.
With UPI Lite, only a single money transfer entry is performed in the user's bank account, which declutters bank statements. Users will receive a daily SMS containing the history of all UPI Lite transactions made during the previous day from the bank.
Currently, 9 banks support Paytm UPI Lite, including the State Bank of India, Canara Bank, Central Bank of India, Indian Bank, HDFC Bank, Kotak Mahindra Bank, Union Bank of India, Utkarsh Small Finance Bank, and Punjab National Bank.
Paytm is offering its users a Rs 100 cashback for activating UPI Lite for the first time and adding Rs 1,000 as a balance in the wallet.
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