Paytm has launched a new feature named UPI LITE which lets users carry out small and quick transactions of up to Rs 200 with a single tap on the Paytm app.
It is enabled by the National Payments Corporation of India (NPCI).
Launch offers
This should come in handy for users who mostly rely on digital platforms to make payments.
It says that it is currently the only platform to exclusively offer UPI LITE payments.
Paytm is offering a Rs 100 cashback to users upon activating UPI LITE and adding Rs 1,000 as balance to drive adoption.
PIN-free transactions
UPI Lite payments enable faster real-time transactions with just a single tap on the Paytm app.
Customers can make multiple small-value UPI transactions without having to enter a PIN every time they are trying to buy something.
With UPI LITE Paytm aims to make digital payments more accessible to people across the country.
Further, it promises that UPI LITE payments will never fail, even during peak transaction hours.
No more bank statement clutter
The feature makes only one money transfer entry in the user’s bank account, which declutters bank statements.
Customers will receive an SMS from the bank every day, containing a history of all UPI LITE transactions made the previous day.
Supporting banks
Nine banks currently support the new feature:
- Canara Bank
- Central Bank of India
- HDFC Bank
- Indian Bank
- Kotak Mahindra Bank
- Punjab National Bank
- State Bank of India
- Union Bank of India
- Utkarsh Small Finance Bank
Positive reception
Paytm parent company One 97 Communications saw an uptick of around 2.80 per cent in share price following the launch.
Paytm also introduced a new Cancel Protect feature on the app.
Cancel Protect feature
It will offer a 100 per cent refund with this scheme for flight and bus tickets.
For flights booked via Paytm, the app will charge an amount of Rs 149 for Cancel Protect and Rs 25 for bus tickets.
The company said, “The customer can claim a 100 per cent refund with ‘Cancel Protect’ for trips that are cancelled through Paytm at least 24 hours before the scheduled departure time for flights and at least four hours before the scheduled departure time for buses.
With ‘Cancel Protect’, there is no cap on the refund amount and the fare is credited instantly into the source account upon cancellation.”
