Which Payments Bank has launched (15th Feb 2023) UPI LITE, enabled by National Payments Corporation of India (NPCI) for multiple small-value UPI transactions?

Correct Answer :   Paytm Payments Bank

Paytm Payments Banks Limited (PPBL) has launched Wednesday (15th February 2023) Unified Payments Interface (UPI) LITE, enabled by National Payments Corporation of India (NPCI) for multiple small-value UPI transactions.

* The UPI LITE feature will help with faster real-time transactions with a single click through Paytm as the bank aims to drive the adoption of digital payments across the country.

* The NPCI designed the feature which was launched by Reserve Bank of India (RBI) in September 2022.

* The small value transactions would now only show in the Paytm balance and history section, and not in the bank passbook.

* As a part of its efforts to drive innovation, the Bank said it is the first payments bank to launch such UPI LITE feature.

* "Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to ₹200, making the entire experience quick and seamless. A maximum of ₹2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to ₹4,000".

* "We are very excited to launch UPI LITE on Paytm Payments Bank. UPI LITE provides users a faster, secure, and seamless low-value transaction experience.

* With more than 50 per cent of transactions through UPI below ₹200, UPI LITE will successfully provide a distributed way of authorising low-value transactions, moving them away from core banking," said Praveena Rai, COO, NPCI...

Source : Mint