UPI LITE: Unified Payments Interface (UPI) LITE, supported by National Payments Corporation of India (NPCI) for numerous small-value UPI transactions, has been introduced by Paytm Payments Banks Limited (PPBL). 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. As a part of its efforts to drive innovation, the Bank said it is the first payments bank to launch such UPI LITE feature.
February 2023 Current Affairs Quiz
Small value transactions are also cleared out of the bank passbook because they are now only visible in the Paytm balance and history area rather than the bank passbook. The small value transactions would now only show in the Paytm balance and history section, and not in the bank passbook. With UPI LITE, users can carry out a large number of small-value UPI payments in a superfast manner without worrying about cap on the number of bank transactions.
What is UPI Lite?
- UPI LITE is a new 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.
- • In September 2022, the Reserve Bank of India introduced UPI LITE, a system created by the National Payments Corporation of India (NPCI). Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI).
- The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts.
Important takeaways for all competitive exams:
Paytm Payments Bank Headquarters: Noida;
Paytm Payments Bank Founded: 2015;
Paytm Payments Bank Founder: Vijay Shekhar Sharma;
MD & CEO at Paytm Payments Bank: Surinder Chawla.
