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Paytm UPI Lite Crosses 9 Million Users, Records Over 50 Million Transactions

Over 63 per cent of all UPI lite payments on Paytm QR are from the Paytm app

Paytm UPI Lite Crosses 9 Million Users, Records Over 50 Million Transactions
POSTED ON August 11, 2023 8:23 PM

Paytm Payments Bank has recorded over 50 million UPI Lite transactions, with over 9 million users. As the first payments bank to go live with UPI Lite, it has recorded a total transaction GMV of Rs 280 crores since its launch in March 2023. 

Furthermore, over 63 per cent of all UPI lite payments on Paytm QR are from the Paytm app. 

The company said that the Reserve Bank of India's (RBI) recent announcement on UPI Lite to increase the transaction limit from ₹200 to Rs 500 and enable offline payments with Near Field Communication (NFC) technology will further boost the adoption of Paytm UPI lite.  

On Paytm UPI lite, users can make single-click payments even when banks have success rate issues during peak transaction hours. Moreover, it incorporates security measures to protect user transactions, with 3-level bank-grade security.

A company spokesperson said, "We welcome RBI’s latest announcements on UPI lite and are aligned to make Paytm UPI lite bigger and even better. Light version has already gained almost 50 million transactions so far with over 9 million users.” 

“The introduction of offline payments through UPI lite will be our UPI’s next rocket ship of payments, which will soon make instant transactions possible even in areas with limited or no network coverage. This will further increase the adoption of Paytm UPI Lite,” he added. 

Vijay Shekhar Sharma founded Paytm in 2000 and the company went public a decade later. Paytm Payments Bank offers the digital payment and banking experience with its mobile-only savings accounts, current accounts, fixed deposits with partner banks, and payment instruments like wallets, UPI, and FASTag, amongst other services.  

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