Paytm Payments Bank has enabled real-time UPI payments in one tap via Paytm UPI LITE. These payments will reportedly never fail even when banks have success rate issues during peak transaction hours.
The success rate of transactions via Paytm UPI LITE is said to be improved further as it is designed to reduce the load on bank systems for small-value payments. Another benefit is that it also works in limited or low connectivity areas.
Currently, ten banks support Paytm UPI LITE — Paytm Payments Bank, Canara Bank, Central Bank of India, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India and Utkarsh Small Finance Bank.
Advertisement
Paytm Payments Bank claims to be a leader in UPI Peer-to-Merchant (P2M) payments as the largest acquiring and beneficiary bank as well as a leading remitter bank.
“We have achieved the 2 million users milestone as users enjoy lightning-fast UPI payments that never fail. We remain committed towards driving financial inclusion in India and empowering the grassroots of the country with robust digital payment solutions,” said Paytm Payments Bank Spokesperson.
Paytm UPI LITE is a secure 'on-device' wallet which is linked to the user's bank account. It makes a single entry in the user’s bank account, decluttering bank statements. It is powered by the latest UPI LITE Technology for successful payments, which offers 3-level bank-grade security.
