Paytm focuses on UPI Lite wallet for low-value transactions
One97 Communications Ltd (OCL), which owns and operates Paytm, on Monday said it is now focusing on the Unified Payments Interface (UPI) Lite wallet to move users who prefer wallets for low-value everyday transactions.
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Paytm UPI Lite acts as an on-device wallet, enabling users to store funds and make payments. It offers fast payments without the need for a personal identification number (PIN).
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Offering CollegeCourseWebsiteIndian School of BusinessProfessional Certificate in Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitMITMIT Technology Leadership and InnovationVisitSpecifically designed for transactions up to Rs 500 each, it targets small payments such as groceries, parking fees, or daily commute fares. Users can add up to Rs 2,000 to their wallet twice a day, with a daily limit of Rs 4,000.
«We see the wallet as an essential payment tool that lets users keep money for everyday use and make quick payments on the go. Paytm UPI Lite improves this experience, allowing for faster transactions at local stores, street vendors, and for regular purchases while keeping bank statements clear,» a Paytm spokesperson said in a statement.
The UPI Lite option was offered on the Paytm app in February last year, shortly after its introduction by the RBI in September 2022.
The collaboration between OCL and leading Payment System Providers (PSPs) such as Axis Bank,
