Paytm Payments Bank has rolled out Paytm UPI Lite support for iPhone users: The Bank also announced its latest features like RuPay Credit Card on, Split Bill, pin favorite contact and chat with friends, set alternate UPI ID with Paytm app to hide mobile number, and more. With the help of the UPI Lite feature, iPhone users will now be able to make secure and fast transactions without entering al UPI PIN. Not aware of UPI Lite Here is all you need to know.
What is UPI Lite
The Reserve Bank of India in September 2022 launched UPI Lite which is a digital account designed by the National Payments Corporation of India INPCI) to facilitate faster and easier transactions for low-value transfers. UPI Lite is a distinguished feature that will make regular transactions like payments for low- value shopping such as groceries or low-priced single items smooth and fast, according to a blog post by Paytm.
Paytm’s UPI Lite enables users to carry out transactions up to Rs. 200, with a maximum cumulative limit of Rs. 4000. As per the blog post, the UPI Lite app has a maximum balance limit of Rs. 2000 at any given time. A maximum of Rs. 2000 can be added to the UPI Lite account twice daily. This allows for a cumulative transaction limit of Rs. 4000 in a day. Users can make multiple transactions within the maximum UPI Lite transaction limit.
“A user can load Rs. 2000 in the UPI Lite app and utilize the available balance to conduct transactions until it is fully utilized. The maximum allowed value per transaction is Rs. 200. Therefore, a user can make multiple transactions until the limit is reached. However, if the user requires further transactions on the same day, they may add another Rs. 2000 to their UPI Lite account,” Paytm informed.
Users can activate UPI Lite on the Paytm app by linking the bank account that supports this feature. Once the linking process is complete, users can add funds
up to Rs. 2000, and a maximum of Rs. 4000 per day to their UPI Lite account. Transactions made through the UPI Lite account will be deducted from the UPI Lite account and not from the linked bank account. Notably, every time a transaction is carried out through UPI Lite, an SMS notification will be sent to the user.
Use Paytm UPI Lite on iPhone: Here is how
Download Paytm on your iPhone via Apple App Store.
Once downloaded, open the Paytm app and click on the UPI Lite icon available on the home screen.
Now you will have to provide your bank account details and confirm it.
Then add money to your UPI Lite wallet.
While making payment, you will have to select the UPI Lite option. Then enter the receiver’s UPI ID or scan the QR code and enter the
amount you have to pay.
Click on Pay.