The UPI LITE feature is introduced for the first time in India by Paytm Payments Bank

Published on February 20, 2023
Current context: Paytm Payments Bank Limited (PPBL) has launched UPI LITE, a feature designed by the National Payments Corporation of India (NPCI) that enables multiple small-value UPI transactions.
The UPI LITE feature is introduced for the first time in India by Paytm Payments Bank

  • This makes PPBL the first payments bank to deploy such a feature, as part of its efforts to promote innovation.
  • UPI LITE allows transactions of up to Rs 200 without requiring a UPI PIN. The feature enables faster and safer real-time small value payments, making the entire experience quick and seamless.
  • Once a UPI LITE wallet is loaded, a user can make instant transactions of up to Rs. 200. Currently, only debits from the customer's wallet are permitted, and all credits to UPI LITE, including refunds, go directly to their bank account.
  • This feature enables faster real-time transactions with a single click through Paytm, and it clears the bank passbook of small transactions.
  • By improving customer experience and increasing transaction success rates, PPBL aims to process a billion transactions per day on the UPI platform.

Question:

Q.1 What is UPI LITE?
a. A feature for large-value UPI transactions
b. A feature for small-value UPI transactions without a UPI PIN
c. A feature for adding money to Paytm wallet
d. A feature for adding money to a bank account through UPI.

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