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Paytm Payments Bank announces next gen features like UPI Lite
Image Cr: Twitter/Paytm

Paytm Payments Bank announces next gen features like UPI Lite

| @indiablooms | 10 May 2023, 06:22 pm

Kolkata: Paytm Payments Bank has announced a slew of new launches for Paytm UPI.

The Bank has become the first to go live with UPI Lite on iOS.

The Bank also announced 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 number, and more.

In a social media livestream organised by the Bank, Vijay Shekhar Sharma, Founder and CEO, Paytm and Chairman of Paytm Payments Bank, Bhavesh Gupta, Board Member, Paytm Payments Bank, and Surinder Chawla, CEO, Paytm Payments Bank announced the new features.

Paytm Payments Bank was 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 an UPI ID on the Paytm app. Users can then simply pay by scanning the UPI-enabled QR code via 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.

Paytm UPI Lite enables lightning-fast UPI payments that never fail, even during peak transaction hours. “We continue to drive innovation in India and empower users with the security and safety of Paytm UPI. We have also brought many cool features like split bill, Paytm tags, alternate UPI ID on the Paytm app,” Vijay Shekhar Sharma, Chairman, Paytm Payments Bank, and CEO of Paytm said.

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.”

Paytm is the leader in merchant payments with its Soundbox, further taking UPI to every nook and corner of the country.

During the social live, this was highlighted by Bhavesh Gupta, Board Member, Paytm Payments Bank Ltd.

He said, “We are at the forefront of merchant payments in India, where we have seen the acceptance of UPI grow dramatically. There are 70 lakh small business merchants who use Paytm Soundbox. With Paytm UPI Lite, payments are successful 99.99% of the time. The trust and relationship with the bank continues with Paytm UPI Lite. A total of 13 banks have gone live on UPI Lite till date. RuPay credit card on UPI is the most disruptive move in payments after Wallet and UPI payments.”

With Paytm UPI Lite now on iOS, iPhone users can make lightning fast payments that never fail.

“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 said while doing a product demo of the recent features. He highlighted that users can also pin their favourite contacts or chat with their friends on Paytm app. Moreover, with the new Split Bill feature, users can create friend groups on Paytm and share the bill in any group. Users can also tag the payments made on Paytm, with which they can view all payments made under a certain tag anytime.

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