Paytm Payments Bank claimed that it has over 4.3 million users on Paytm UPI Lite, recording over 10 million UPI Lite transactions through the Paytm Super App. Paytm UPI Lite has gained popularity amongst users as they can carry out small-value transactions of up to Rs 200 in a single tap.
Paytm UPI Lite facilitates quick UPI payments even when banks face success rate issues during peak transaction hours. Moreover, individual payment made via UPI Lite is not shown in the bank passbook where the UPI Lite balance was added from, offering a clean bank statement with only a single passbook entry for loading the UPI Lite balance.
The company claimed that the chance of transaction failure on Paytm UPI Lite is also lower, making it a more dependable option for users. Additionally, Paytm UPI Lite is secured by Paytm's 3-level bank-grade security.
Paytm UPI Lite balance can be used to make fast UPI payments to any UPI QR, send money to any mobile number, or even transfer to one’s own self-bank accounts linked to Paytm Super App through the self-transfer option.
Currently, 10 banks support Paytm UPI LITE—Paytm Payments Bank, Canara Bank, Central Bank of India, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank with other banks expected to go live on it soon.
A Paytm Payments Bank spokesperson said, "We have achieved over 4.3 million Paytm UPI Lite users and 10 million transactions milestone in a short span of time and it has made everyday payments hassle-free, quick and seamless for users. Paytm UPI Lite is powered by the security and technology of Paytm Payments Bank.”
This IPL season, Paytm has launched the Paytm Cricket League game on its app, where users stand a chance to win like iPhone14 or up to Rs 7000 cashback.