Paytm Payments Bank becomes 1st payments bank to launch UPI LITE feature

• Paytm Payments Banks Limited (PPBL) has launched Unified Payments Interface (UPI) LITE, enabled by National Payments Corporation of India (NPCI) for multiple small-value UPI transactions.
• This feature will help with faster real-time transactions with a single click through Paytm as the bank aims to drive the adoption of digital payments across the country.

About UPI Lite

• UPI LITE is a payment solution that leverages the trusted NPCI Common Library (CL) application to process low value transactions that have been set at below ₹ 200.
• The solution runs off existing UPI ecosystem protocols for mobile phones to ensure commonality, compliance and system acceptance.
• Designed by the National Payments Corporation of India (NPCI), UPI LITE was launched by the Reserve Bank of India in September 2022.
  • Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI).