Paytm’s UPI Lite for iOS Streamlines Digital Payments
- ByStartupStory | May 12, 2023
Paytm Payments Bank has introduced a revolutionary feature called UPI Lite for iOS platforms, which is expected to significantly enhance user convenience and transform the digital payment experience. This latest addition, in conjunction with RuPay Credit Card on UPI and Split Bill, promises to provide users with an unparalleled level of ease and functionality. Since its launch in February 2023, UPI Lite has already gained traction among six million users.
The National Payments Corporation of India (NPCI) has created UPI Lite, a simplified version of the Unified Payments Interface (UPI) payment system aimed at streamlining small-value transactions. The feature allows users to conduct swift and secure transactions without having to enter a UPI PIN. Paytm’s UPI Lite is supported by several banks, including ICICI Bank, HDFC Bank, SBI, Paytm Payments Bank, and Kotak Mahindra Bank, ensuring widespread access to this convenient feature.
Paytm has launched a range of features to enhance the payment process for its users, in addition to UPI Lite. Users can now seamlessly link their RuPay credit cards to their UPI ID via the Paytm app. The Split Bill feature enables them to form friend groups and effortlessly split expenses among members. Additionally, users can label their transactions for convenient tracking and easy access. With these new features, Paytm continues to innovate and improve the payment experience for its users.
Vijay Shekhar Sharma, the founder of Paytm, recently took to Twitter to express his enthusiasm for the latest features added to the app. He stressed the importance of not allowing money to come between friendships and introduced the Split Bill feature to help users avoid such situations. Sharma highlighted two ways to utilize the feature: either split every payment made or create a friend group to split payments among the members continuously.
Paytm has remained committed to enhancing the user experience by continuously refining its features and simplifying payment processes. The introduction of the UPI Lite feature earlier this year was a massive success, significantly streamlining payments and reducing payment failures. UPI Lite allows users to make payments up to Rs 200 without the need for a PIN, and the daily limit for adding funds to UPI Lite has been increased to Rs 2,000, with a total daily limit of Rs 4,000.
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