Over 90 lakh users and over 5 crore UPI Lite transactions have been registered by Paytm Payments Bank so far. Paytm UPI Lite which launched UPI Lite as the first payments bank. Has so far generated a total transaction GMV of Rs 280 crore, according to a statement from the business. Additionally the Paytm app accounts for approximately 63% of all UPI lite payments made via Paytm QR.
The Reserve Bank of India’s (RBI) recent announcement on UPI Lite would improve. Usage of Paytm UPI Lite by enabling offline payments utilizing Near Field Communication (NFC). Technology and raising the transaction limit from Rs 200 to Rs 500. This will also prevent stress on the primary banking system.
Users can make single-click payments with Paytm UPI Lite even when banks experience problems with success rates during busy transaction times.
A clean bank statement with just one entry for adding UPI Lite balance, which is a maximum of Rs 2,000 that can be added twice a day, making the cumulative daily usage up to Rs 4,000, is provided by the fact that individual payments made through UPI Lite are not displayed in the bank passbook.
“The introduction of offline payments through UPI Lite will be our UPI’s next rocket ship of payments, making instant transactions soon even possible in areas with limited or no network coverage,” said a spokeswoman for Paytm Payments Bank. As a result, Paytm UPI Lite use will rise even more.
