Paytm Payments Bank on Wednesday said its newly-launched UPI LITE feature has drawn more than 2 million users and recorded over 5 lakh daily transactions in a month.
The payments bank is first among its peers to launch the UPI LITE facility in February. The feature enables small ticket-transactions of up to Rs 200 per transaction. A maximum of Rs 2,000 can be added twice in a day to the UPI LITE account, making the cumulative daily usage limit of up to Rs 4,000.
Once loaded, UPI LITE allows a user to do instant payments which do not fail even when banks face server issues during peak transaction hours.
A Paytm spokesperson told FE that the company is witnessing rapid adoption of UPI LITE as customers are using it more often during peak hours and for small payments.
“The current average transaction size is Rs 50. We believe customers will create a UPI LITE account so that they can pay everywhere using their bank account without dependency on bank systems uptime,” the spokesperson said.
National Payments Corporation of India (NPCI)-designed UPI LITE was launched by the Reserve Bank of India in September last year. According to the latest data from NPCI, a total of 7.5 billion UPI transactions were made in February, amounting to Rs 12.35 trillion.
Further, as per Paytm’s monthly business update, its average monthly transacting users rose to 89 million during January-February, from 70 million a year ago.