Paytm Launches UPI Lite Wallet For Everyday Payments; How To Enable And Other Details

Paytm, owned by One97 Communications Limited (OCL), is now focusing on UPI Lite wallet to move the users who prefer wallet for low-value everyday payments, a company release stated on Monday. The company said that its UPI Lite allows small-value transactions without any need for a password or PIN. “We see the wallet as an essential payment tool that lets users keep money for everyday use and make quick payments on the go,’ a Paytm spokesperson stated in the release. Paytm has also collaborated with Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank to ensure a robust and reliable framework for all of its UPI transactions.

Also Read: All About The Google Wallet App: How Is It Different From Google Pay?

What is Paytm UPI Lite?

Paytm UPI Lite is an on-device wallet that allows users to store funds and make payments on the go. It offers quick payments that have no PIN requirement.

With Paytm's UPI Lite wallet users can make instant, fail-proof transactions of up to Rs 500 each. This is a useful thing for people who often make small payments such as buying goods at the grocery shop, parking fee payments or clearing daily fares.

It also keeps the bank statement clutter-free with only a single entry, regardless of the number of payments made, which is a significant convenience for users who prefer a clean financial overview.

UPI Lite also enables users to top up their wallets up to Rs 2,000 twice a day, thus reaching a daily capacity of Rs 4,000. It makes it possible for users to follow a simple financial tracking process and manage their everyday small expenses well without facing the problem of multiple entries of the transactions in the bank passbooks, with no pin required.

How to enable UPI Lite payments on the Paytm app?

• Open the Paytm app, and click on the ‘UPI Lite Activate’ icon on the homepage

• Choose your bank account to use with UPI Lite

• Enter the amount you wish to add and start the payments

• Next, validate the MPIN to create your UPI Lite account

To make payments using Paytm’s UPI Lite wallet, you can either-

• Scan any UPI QR code

• Enter the mobile number

• Choose one from the contacts list to pay