Paytm Shifts Focus To UPI Lite Wallet For Small Daily Transactions

One97 Communications (OCL), the parent company of popular payments and financial services platform Paytm, announced its strategic shift towards promoting the UPI Lite wallet for users seeking convenient solutions for low-value everyday transactions.

The Paytm UPI Lite wallet functions as an on-device wallet, offering users the capability to store funds and conduct transactions swiftly and securely. Specifically designed for rapid, fail-proof payments, it facilitates instant transactions of up to Rs 500 each.

According to a spokesperson from Paytm, the wallet serves as a crucial payment tool, allowing users to conveniently manage funds for daily expenses and swiftly execute payments on the fly. Paytm UPI Lite enhances this experience by facilitating quicker transactions at local stores, with street vendors and for routine purchases, while ensuring clarity in bank statements.

Emphasizing their commitment to expanding the UPI ecosystem in collaboration with the National Payments Corporation of India (NPCI), Paytm aims to extend these services to every corner of the country.

To activate UPI Lite payments, users can navigate to the Paytm app, select the 'UPI Lite Activate' option on the homepage, choose their preferred bank account, add the desired amount to their UPI Lite wallet, and validate the MPIN to create the account. Once set up, users can make payments with a single tap by scanning QR codes, entering mobile numbers, or selecting contacts from their list.

Paytm has partnered with leading Payment System Providers (PSPs) such as Axis Bank, HDFC Bank, State Bank of India (SBI) and YES Bank to ensure a robust and reliable framework for UPI transactions, ensuring seamless payment experiences.

This service is particularly beneficial for individuals who frequently engage in small transactions such as purchasing groceries, paying for parking or covering daily commute fares. Additionally, it simplifies financial management by consolidating multiple transactions into a single entry on bank statements, providing users with a clutter-free overview of their finances.

Furthermore, users have the flexibility to add up to Rs 2,000 to their wallet twice a day, enabling them to efficiently manage small daily expenses without the need for multiple entries in their bank passbooks. With no PIN requirement, the streamlined approach ensures organised and simplified financial tracking for users.