Paytm UPI Lite: No PIN for Rs 500 Transactions, details here:

Paytm UPI Lite: No PIN for Rs 500 Transactions, details here In many times we are tired of punching in your PIN for every small UPI payment? Paytm has a fix! The company, One97 Communications, launched UPI Lite wallet. It's designed to make payments smoother, especially for small amounts. What is Paytm UPI Lite wallet? In their press release, Paytm said “Paytm’s UPI Lite wallet is designed for quick and easy payments without needing to enter a PIN” It provide users to make instant transactions of up to Rs 500 each. Users can add up to Rs 2,000 to their wallet twice a day, as total daily capacity of Rs 4000. Benefits of Paytm UPI Lite wallet Paytm describes the wallet as an essential tool for everyday transactions. A spokesperson said, “Paytm UPI Lite improves the payment experience, allowing for faster transactions at local stores, street vendors, and for regular purchases while keeping bank statements clear.” Let us know the steps to activate UPI Lite on the Paytm app 1. Open the Paytm app and click on the ‘UPI Lite Activate’ icon. 2. Select the bank account you want to use with UPI Lite. 3. Enter the amount you wish to add to UPI Lite. 4. Validate with your MPIN to create your UPI Lite account. Transaction limits and usage associated with UPI Lite payment mode? UPI Lite is designed for small transactions. According to the National Payments Corporation of India (NPCI), the limits are: Per transaction: Up to Rs 500 Daily usage: Up to Rs 4,000 Maximum balance: Rs 2,000 Fintechs and banks supporting the UPI Lite feature Paytm is not the only one offering UPI Lite. Other fintech companies like PhonePe, Google Pay, Navi, and Groww also provide this feature. However, not all banks support UPI Lite. Paytm, it is supported by Canara Bank, Central Bank of India, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, and Axis Bank. In total, 34 banks offer UPI Lite, according to the NPCI. UPI Lite allows transactions not recorded in the passbook but SMS confirmation provided.