Paytm expands UPI footprint with wallet option.
Digital payments giant Paytm has announced focusing on its UPI Lite wallet feature to attract consumers preferring such facilities for low-value transactions. Termed an ‘on-device’ solution, UPI Lite allows users to store funds up to Rs. 500 for making instant payments on the go.
A company spokesperson said the wallet improves user experience for common purchases from local stores or vendors while keeping bank statements clutter-free. It has partnered with major banks like Axis, HDFC, SBI, and YES Bank to ensure smooth operations over UPI.
To activate the service, customers must go to the Paytm app homepage, click ‘UPI Lite Activate,’ and select their bank account. After validating the MPIN, the account is ready for one-tap, capped payments up to Rs. 500 each.
Benefits include adding up to Rs. 2000 to the wallet twice daily, totaling Rs. 4000 capacity. This streamlines small spending without multiple entries in bank records. It offers organized financial oversight sans internet or OTP requirements, suitable for often-used services like grocery bills and parking charges.
Paytm aims to grow UPI’s reach across India through such innovations. Integrating major banks provides a robust framework for reliable transactions, delivering a seamless payment experience to audiences relying on digital wallets.
