Paytm Payments Bank has officially added Paytm UPI Lite compatibility to iOS devices. With the UPI Lite function, iPhone users will be able to conduct secure and quick payments without providing a UPI PIN. Paytm has a plethora of fresh capabilities, including RuPay credit card payments on UPI, Split Bill, and a different UPI ID that hides phone numbers, in addition to UPI Lite compatibility for iOS.
UPI Lite is a simpler form of the Unified Payments Interface (UPI) payment framework, which was announced in September 2022 by the National Payments Corporation of India (NPCI). UPI Lite is intended to enable small-value actions, such as purchases for supermarkets or low-priced single goods, simpler and more quickly.
Paytm CEO Statement:
Vijay Shekhar Sharma, Founder and CEO of Paytm and Chairman of Paytm Payments Bank unveiled these capabilities and more during an online live stream. “With the security and safety of Paytm UPI, we strive to drive development in India.” “We have also added numerous cool functions to the Paytm app, such as split billing, Paytm tags, and alternate UPI ID. According to the blog article, Paytm Payments Bank was the first transactions bank to go online with UPI Lite on the Paytm Super Application and has achieved rapid acceptance with approximately 60 lakh users.
What exactly is UPI Lite?
UPI Lite works by generating an on-device account that can hold up to Rs. 2,000. Several major payment apps, like Paytm and Phone, support the capability. Paytm, on the other hand, was the first financial bank to introduce UPI Lite on its Super App. It has now released UPI Lite for iOS devices. Once activated, UPI Lite allows users to make quick and secure payments of up to Rs 200. A user can contribute up to Rs 2,000 to UPI Lite twice per day, for a total daily usage of Rs 4,000.
How to set up Paytm UPI Lite on an Apple iPhone?
To use UPI Lite, consumers must first load funds into their Paytm wallet before scanning the QR code of the business they wish to pay. The payment process will be completed promptly and will not require a PIN.
Here’s a step-by-step guide to getting started with Paytm UPI Lite.
- Launch the Paytm app.
- On the home display, click the “UPI Lite” button.
- Input and verify your bank account information.
- Deposit into your UPI Lite account.
- To make a payment, go to the “UPI Lite” menu.
- Enter the UPI ID of the receiver or scan their quick response code.
- Enter the amount to be paid.
- Tap the “Pay” button.
Key things to remember while using Paytm UPI Lite
- You can add no more than Rs. 2,000 to your UPI Lite wallet.
- The highest amount that you can pay with UPI Lite in a single transaction is Rs. 200.
- UPI Lite allows for a maximum number of 20 transactions per day.
- UPI Lite is only accessible to bank accounts that have this feature enabled.
Paytm claims that Paytm UPI Lite has three levels of bank-grade protection. It also saves time by not displaying every payment in the financial institution’s passbook. Instead, there is simply one entry for updating the UPI Lite account balance. This provides the user with an error-free bank statement. Thirteen banks, including Paytm Payments Bank, ICICI Bank, and HDFC Bank, accept Paytm UPI Lite features.
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