Paytm Payments Bank has gone live with UPI Lite on iOS. It has also announced the latest features like RuPay credit card on UPI, split bill, pin favourite contacts and chat with friends, alternate UPI ID with Paytm app to hide mobile numbers, and others.
In a social media livestream organised by the Bank, Vijay Shekhar Sharma, Founder and CEO of Paytm and Chairman of Paytm Payments Bank, Bhavesh Gupta, Board Member, Paytm Payments Bank, and Surinder Chawla, CEO, of Paytm Payments Bank announced the new features.
It has claimed to be the first payments bank to go live with UPI Lite on the Paytm Super App and has seen rapid adoption with about 60 lakh users.
With RuPay Credit Card on UPI, the Bank has enabled users to link their RuPay credit cards to a UPI ID on the Paytm app. Users can then simply pay by scanning the UPI-enabled QR code via the Paytm app, eliminating the need to carry cards at all times. Users do not have to wait for OTP SMS as they can just pay with their UPI PIN.
Talking about Paytm UPI, Surinder Chawla, CEO, Paytm Payments Bank said, “We are a full-stack technology bank. We were the first to launch UPI Lite, same for RuPay credit card, and this innovation will continue. Our latest product Paytm UPI Lite is one of the biggest innovations that will propel UPI to the next level. Almost 60 lakh users today enjoy superfast payments with Paytm UPI Lite.”
“We have brought multiple features to the Paytm app, which is aimed at empowering users. With RuPay Credit Card on UPI, users can pay with RuPay credit cards and also earn reward points. NPCI is working on enabling customers to pay for subscription services through UPI Autopay with credit card as the funding source.” Abhishek Madan, UPI Product, Paytm Payments Bank Ltd added while doing a product demo of the recent features.