Facing problems in UPI transactions? Paytm launches new technology. Details here
2 min read . Updated: 07 Mar 2023, 10:13 AM IST
Premium- Last month, Paytm launched its UPI Lite which helps users to carry out ‘quick and seamless transactions’ of up to ₹200 at a time
Paytm has launched a new technology on its platform that will expedite the transaction process even when the banks are experiencing peak load.
Paytm Founder Vijay Shekhar Sharma on Tuesday tweeted about this new technology called Paytm UPI Lite.
He claimed that Paytm Lite works every time and ensures "lightning-fast" payments.
Last month, Paytm launched its UPI Lite which helps users to carry out "quick and seamless transactions" of up to ₹200 at a time. Paytm's UPI Lite feature does not ask for a pin when you make a payment. Besides, users can transfer their UPI payments back to the same bank account without any charges.
Decluttering the bank statement, users will receive a daily SMS summarising all UPI Lite transactions made during the previous day.
Paytm's UPI Lite is supported by nine banks--State Bank of India (SBI), Punjab National Bank (PNB), Kotak Mahindra Bank, Central Bank of India, HDFC Bank, Canara Bank, Indian Bank, Union Bank of India, and Utkarsh Small Finance Bank. According to Paytm Bank Care Twitter handle, the company is working with ICICI Bank, as well, for the UPI Lite feature.
How to set up UPI Lite?
How to use Paytm UPI Lite
1. Scan a QR code or select a contact you wish to pay
2. Addd the amount
3. Click on the "pay securely" button
4. The payment will be sent immediately with UPI Pin
Once the UPI Lite Account is loaded, at a time, users can make instant payments of ₹200. With a cumulative maximum daily value of ₹4000, users can make as many transactions as they want.