May 13th 2024.
In New Delhi, the renowned payments and financial services company Paytm, owned by One97 Communications Limited, has announced a new focus on their UPI Lite wallet. This move aims to cater to users who prefer using wallets for low-value everyday payments.
The UPI Lite wallet serves as an on-device storage option for funds, allowing users to make quick and secure payments while on the go. It promises a seamless experience with fast and reliable transactions of up to Rs 500 each.
A spokesperson from Paytm shared their vision for the wallet, stating that it is an essential tool for everyday use, enabling users to keep and access money conveniently. The UPI Lite wallet further enhances this experience, especially for transactions at local stores, street vendors, and regular purchases, ensuring that bank statements remain clear and concise.
The company also expressed their commitment to expanding the UPI ecosystem in collaboration with NPCI, making it accessible to people all over India. To activate UPI Lite payments, users can simply go to the Paytm app, click on the 'UPI Lite Activate' icon on the homepage, and select their preferred bank account for UPI Lite. After entering the desired amount and validating the MPIN, the user's UPI Lite account will be set up, ready for one-tap payments.
To make payments using the UPI Lite wallet, users can scan any QR code, enter a mobile number, or choose from their contacts list. Paytm has partnered with top Payment System Providers like Axis Bank, HDFC Bank, State Bank of India, and YES Bank to ensure a robust and reliable framework for UPI transactions, guaranteeing a seamless and uninterrupted payment experience.
This service is particularly beneficial for those who frequently handle small payments, such as buying groceries, paying for parking, or settling daily commute fares. It also simplifies financial tracking by keeping bank statements clutter-free with only a single entry, regardless of the number of payments made.
Moreover, users can add up to Rs 2,000 to their wallet twice a day, reaching a total daily capacity of Rs 4,000. This streamlined approach helps users manage their small daily expenses efficiently, without the hassle of multiple entries in their bank passbooks. With no pin requirement, UPI Lite ensures an organized and simplified financial overview for its users.
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