Homegrown Paytm Payments Bank has now over 4.3 million users on Paytm UPI Lite with more than over 10 million transactions so far through the Paytm Super App, the company said on Tuesday.
Paytm UPI Lite continues to gain rapid popularity among the masses to carry out small-value transactions of up to Rs 200 in a single tap.
Currently, 10 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.
Several other major banks are expected to go live with Paytm UPI Lite soon, the company said.
“We have achieved over 4.3 million Paytm UPI Lite users and 10 million transactions milestone in a short span of time and it has made everyday payments hassle-free, quick and seamless for users,” said a Paytm Payments Bank spokesperson.
“Paytm UPI Lite is powered by the security and technology of Paytm Payments Bank. As the pioneer of mobile payments in India, we are committed to driving financial inclusion,” the spokesperson added.
Paytm UPI Lite facilitates lightning-fast UPI payments even when banks face success rate issues during peak transaction hours.
Moreover, individual payments made via UPI Lite are not shown in the bank passbook where the UPI Lite balance was added from, offering a clean bank statement with only a single passbook entry for loading UPI Lite balance.
Owing to a superior and reliable user experience, the chance of transaction failure on Paytm UPI Lite is also lower, making it a more dependable option for users. In addition, Paytm UPI Lite is secured by Paytm’s 3-level bank-grade security, according to the company.
Paytm UPI Lite balance can be used to make superfast UPI payments to any UPI QR, send money to any mobile number, or even transfer to one’s own self bank accounts linked to Paytm Super App through the self-transfer option.
On the Paytm app, during this IPL season, Paytm UPI is running exciting cashback offers with top fantasy gaming apps including Dream11, MPL, My11Circle, First Games, Winzo, and Myteam11.
Users can use Paytm UPI Lite and get upto Rs 300 cashback while adding money in each of these apps for making their fantasy cricket teams.
Additionally, in the IPL 2023 season, Paytm has also launched an engaging game on its app called Paytm Cricket League.
In this game, users can score runs by using Paytm for all their payment needs and stand a chance to win iPhone14, up to Rs 7,000 cashback and many more exciting prizes.