Synopsis The new feature will allow users to make real-time, small-value payments of up to Rs 200 without using a UPI PIN ETtech Paytm Payments Bank on Wednesday said it has gone live with the UPI Lite feature on its platform. Unified Payments Interface (UPI) Lite allows transactions of up to Rs 200 without using a UPI PIN . On February 6, ET was the first to report that Paytm was planning to go live with the product that will allow users to make small-ticket transactions without the use of UPI PIN. "We are excited to be the first to empower Indians with the power of UPI Lite,” said Surinder Chawla, MD and CEO, Paytm Payments Bank. “As per official data from NPCI, half of the everyday UPI transactions in the country are less than Rs 200 and with UPI Lite, users get superior experience with faster and safer real-time small value payments. We are focussed on driving digital inclusion and the launch of UPI Lite is a big step ahead in that direction. ” ET had also reported that in addition to Paytm, Walmart-owned fintech PhonePe was also planning to soon launch its UPI Lite offering. Tiger Global-backed fintech Slice is also working on launching UPI Lite on its UPI payments product, ET had reported on February 6. UPI Lite was launched in September 2022 by Reserve Bank of India governor Shaktikanta Das to make low-value UPI payments faster and simpler. So far, only BHIM UPI app had UPI Lite feature live on the platform but a negligible amount of users transact through it now. UPI Lite is an on-device wallet feature that allows users to make real-time small-value payments of up to Rs 200 without using a UPI PIN. At present, only debit from your wallet is permitted and all credits to UPI Lite, including refunds, will directly go to your bank account. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories About 75% of the total volume of retail transactions, including cash, in India are below Rs 100 in transaction value. Additionally, 50% of the total UPI transactions are also of value Rs 200 or less, according to an NPCI circular issued in March last year. In a statement, Paytm Payments Bank said that the feature helps in de-cluttering the bank passbook of small value transactions, "as these payments would now only show in the Paytm balance & history section, and not in the bank passbook". Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Wednesday, 15 Feb, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Economy More Aditya Birla Group in Talks with Global Banks for Vi Equity Infusion Aditya Birla Group has initiated an exercise to raise funds at the promoter level for an equity infusion into Vodafone Idea (Vi) Ltd and is in discussions with global banks for raising term debt to subscribe to a preferential allotment of shares. TVS EV Co may Get $350m from ADIA, Goldman, Carlyle Abu Dhabi Investment Authority (ADIA), Goldman Sachs and Carlyle are in active discussions with TVS Motor Co to invest $300-350 million in its electric vehicle (EV) arm at a potential $3-3. 5 billion valuation, said people with knowledge of the matter. Adani Looks to Repay $500 m Bridge Loan The Adani Group is in talks with lenders to repay the $500 million bridge loan facility it had availed of to purchase a controlling stake in Holcim’s cement units last year, said two people with knowledge of the matter. Read More News on UPI Lite upi pin shaktikanta das Paytm Payments Bank UPI What is upi lite empower paytm Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. . . . more less ETPrime stories of the day Real Estate Interest rates are rising, so are rental yields. Is it the right time to invest in property? 8 mins read 3 insights to kick-start your day, featuring Swiggy’s “poor judgement” 3 mins read Strategy Stock Radar: Technical charts suggest HDFC Bank is likely to hit fresh record highs in next 3-6 months; time to buy? 3 mins read Subscribe to ETPrime.