India’s homegrown Paytm Funds Financial institution is presently the one platform to solely provide UPI Lite funds, which allows quicker real-time transactions with a single faucet on the Paytm app. Paytm UPI Lite won’t ever fail even throughout peak transaction hours, even when banks have success price points, in keeping with a Paytm’s assertion launched on Friday.
Paytm UPI Lite goals to make digital funds extra accessible to individuals throughout the nation. UPI Lite, enabled by the Nationwide Funds Company of India (NPCI), aids customers to hold out a number of small-value UPI transactions with out utilizing a PIN.
Utilizing Paytm UPI Lite, customers can perform fast and seamless transactions of worth as much as Rs 200 at a time at lightning-fast velocity. The fintech agency stated it supplies superfast, handy and hassle-free transaction expertise as customers do not must enter a PIN each time they make a fee. Furthermore, customers can switch UPI steadiness again to the identical checking account anytime, with none costs.
With this, just one cash switch entry is made within the person’s checking account, which declutters financial institution statements as clients will each day obtain an SMS from the financial institution containing a historical past of all UPI Lite transactions made throughout yesterday, in keeping with Paytm.
To drive adoption, the corporate is providing Rs 100 cashback to customers for activating UPI Lite and including Rs 1,000 as steadiness.
Paytm Funds Financial institution spokesperson stated, “As pioneers of QR (fast response) and cellular funds, we now have taken UPI to each nook and nook of the nation. We’re proud to launch UPI Lite as a step ahead in our dedication to funds which might be scalable and by no means fail. With Paytm UPI, funds by no means fail, transactions are superfast and you do not see litter in your financial institution assertion.”
At present, 9 banks help Paytm UPI Lite — Canara Financial institution, Central Financial institution of India, HDFC Financial institution, Indian Financial institution, Kotak Mahindra Financial institution, Punjab Nationwide Financial institution, State Financial institution of India, Union Financial institution of India, and Utkarsh Small Finance Financial institution.
Paytm Funds Financial institution is a pacesetter in UPI peer-to-merchant (P2M) funds as the most important buying and beneficiary financial institution in addition to a number one remitter financial institution.
