Paytm Payments Bank has reportedly crossed 4.3 million users for its UPI Lite app, with more than over 10 million transactions so far through the Paytm Super App. The company announced the numbers on Tuesday, and it continues to gain rapid popularity among the masses, enabling them to make small-value transactions by up to Rs 200 in a single tap.
At present around 10 banks are supporting Paytm UPI Lite:
- Paytm Payments Bank
- 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
Several other major banks are expected to go live with Paytm UPI Lite soon, the company said.
"We have achieved over 4.3 million Paytm UPI Lite users and 10 million transactions milestone in a short period and it has made everyday payments hassle-free, quick and seamless for users," said a Paytm Payments Bank spokesperson.
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"Paytm UPI Lite is powered by the security and technology of Paytm Payments Bank. As the pioneer of mobile payments in India, we are committed to driving financial inclusion," the spokesperson added.
Paytm UPI Lite facilitates lightning-fast UPI payments even when banks face success rate issues during peak transaction hours.
Moreover, individual payments made via UPI Lite are not shown in the bank passbook where the UPI Lite balance was added, offering a clean bank statement with only a single passbook entry for loading the UPI Lite balance.
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Owing to a superior and reliable user experience, the chance of transaction failure on Paytm UPI Lite is also lower, making it a more dependable option for users. In addition, Paytm UPI Lite is secured by Paytm's 3-level bank-grade security, according to the company.
Paytm UPI Lite balance can be used to make superfast UPI payments to any UPI QR, send money to any mobile number, or even transfer to one's self-bank accounts linked to Paytm Super App through the self-transfer option.
On the Paytm app, during this IPL season, Paytm UPI is running exciting cashback offers with top fantasy gaming apps including Dream11, MPL, My11Circle, First Games, Winzo, and Myteam11.
Users can use Paytm UPI Lite and get up to Rs 300 cashback while adding money to each of these apps for making their fantasy cricket teams.
Additionally, in the IPL 2023 season, Paytm has also launched an engaging game on its app called Paytm Cricket League.
In this game, users can score runs by using Paytm for all their payment needs and stand a chance to win iPhone 14, up to Rs 7,000 cashback and many more exciting prizes.
Inputs from IANS
