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Make Payments Without PIN: Paytm To Focus On UPI Lite Wallet For Low-Value Transactions

Inc42 · 1y ago

Make Payments Without PIN: Paytm To Focus On UPI Lite Wallet For Low-Value Transactions

Fintech major Paytm is focusing on its UPI Lite wallet feature to cater to users who prefer wallets for low-value transactions. Paytm's UPI Lite enables secure and fast transactions without the need for a PIN. Users can add up to INR 2,000 to their wallet twice a day, with a total daily limit of INR 4,000. This streamlined approach benefits users making small payments for groceries, parking tickets, and daily commute fares. Paytm is committed to growing the UPI ecosystem in partnership with NPCI. The Reserve Bank of India has prohibited Paytm Payments Bank from offering incremental banking services.

Related News

New Google Pay Feature Allows Users To Pay Without UPI PIN For Small Transactions

OutlookIndia

OutlookIndia · 2y ago

New Google Pay Feature Allows Users To Pay Without UPI PIN For Small Transactions

Google Pay has introduced a new feature that enables users to make small transactions without requiring a UPI PIN. The feature, called "NFC payments," uses Near Field Communication technology to process payments swiftly. This move aims to enhance the user experience and streamline the payment process for quick, low-value transactions, providing convenience and ease of use for Google Pay users.

Paytm shares hit 52-week high as fintech rolls out UPI Lite auto top-up for small payments

Economic Times

Economic Times · 7m ago

Paytm shares hit 52-week high as fintech rolls out UPI Lite auto top-up for small payments

Paytm shares surged over 4% to reach a 52-week high at Rs 939 following the announcement of an automatic top-up feature for its UPI LITE service. The new feature enables PIN-less transactions for payments under Rs 500 and is available for select users of Yes Bank and Axis Bank. Paytm's UPI LITE service allows small-value payments up to Rs 2,000. Additionally, Paytm introduced a UPI statement download feature and has expanded its UPI service globally. Despite the initial rally, the stock experienced some profit booking and was trading at Rs 889.8 as of 1:24 pm.

Google Pay launches UPI Lite features in India

Startup News FYI

Startup News FYI · 2y ago

Google Pay launches UPI Lite features in India

Google Pay has launched UPI Lite features in India, allowing users to make transactions without having to download the full app. The Lite version offers basic UPI functionalities such as sending and receiving money, checking balance, and linking bank accounts. The move aims to make digital payments more accessible to users with low-end smartphones or limited storage capacity.

UPI Lite and wallet-based pay off to a slow start on zero-MDR bottleneck

Economic Times

Economic Times · 2m ago

UPI Lite and wallet-based pay off to a slow start on zero-MDR bottleneck

The National Payments Corporation of India's (NPCI) initiatives like UPI Lite, wallet-based payments, and UPI through RuPay credit cards aim to ease the banking system's load for small transactions. Yet, only recurring payments and credit cards via UPI have gained traction, while others struggle due to limited awareness and adoption. Barriers include the zero merchant discount rate, unresolved interchange rates for wallet-based UPI, and the high costs for banks to implement these new features without assured return on investment.

MobiKwik Introduces Pocket UPI To Facilitate UPI Payments Without Linking Bank Account

OutlookIndia

OutlookIndia · 1y ago

MobiKwik Introduces Pocket UPI To Facilitate UPI Payments Without Linking Bank Account

Gurugram-based fintech MobiKwik has introduced a new feature called Pocket UPI, allowing users to make UPI payments through their MobiKwik Wallet without linking a bank account. This feature simplifies bank statements by consolidating all UPI transactions within the wallet. Users can load their wallet with funds and make payments across various channels, such as merchant QR codes and e-commerce platforms. Pocket UPI also enhances security by limiting exposure to financial transactions since funds are transferred from the wallet rather than the user's bank account. MobiKwik is planning to raise up to INR 700 crore through its IPO.

RBI permits automatic replenishment of UPI Lite wallet

YourStory

YourStory · 1y ago

RBI permits automatic replenishment of UPI Lite wallet

The Reserve Bank of India (RBI) has proposed a new facility that would allow customers to automatically refill their UPI Lite wallets. UPI Lite is a simplified version of the Unified Payments Interface (UPI) and serves as an on-device wallet for small-value transactions. Currently, UPI Lite has a daily limit of Rs 2,000 and a single payment limit of Rs 500. By introducing the option for automatic replenishment, the RBI aims to promote greater adoption of UPI Lite and enhance the ease of making small digital payments. Additionally, the RBI plans to include recurring payments, such as Fastag and National Common Mobility Card (NCMC), in the e-mandate framework to further convenience for customers.

Transaction limit for small value UPI payments in offline mode raised to Rs 500

Economic Times

Economic Times · 1y ago

Transaction limit for small value UPI payments in offline mode raised to Rs 500

To increase the speed of small-value transactions on UPI, an on-device wallet called UPI-Lite was launched in September 2022 to optimise processing resources for banks, thereby reducing transaction failures.

PhonePe, G-Pay lead UPI market share; Navi surpasses CRED to enter top 4

Entrackr

Entrackr · 7m ago

PhonePe, G-Pay lead UPI market share; Navi surpasses CRED to enter top 4

The Unified Payments Interface (UPI) recorded a 10% month-on-month rise in transaction volume in October, driven by increased activity from both existing participants and new entrants in the ecosystem. Digital payments platform PhonePe retained its position as the market leader with 7.9 billion customer-initiated transactions worth Rs 11,69,290 crore. Google Pay came in second with 6.2 billion transactions valued at Rs 8,49,327 crore. PhonePe and Google Pay saw an upward trajectory in both volume and value, whereas Paytm (OCL) maintained its third-place position with 1.16 billion transactions valued at Rs 1,29,584 crore. Despite the surge in transactions, PhonePe’s market share saw a minor drop to 47.66% in October from 48% in September. Google Pay and Paytm’s market share by volume remained unchanged. The trio collectively control more than 90% market share in UPI. In terms of value, PhonePe had 49.76% market share, again a minor decline from 49.95% in September. Google Pay and Paytm saw no change in their market share by value. Other notable players include Navi and CRED, with 157.5 million and 152.3 million transactions, respectively. For the first time, Navi has surpassed CRED to become the fourth-largest player in UPI by volume. However, CRED's higher transaction value of Rs 55,202 crore against Navi’s Rs 8,841 crore highlights its growing importance in high-value payments. Emerging players like FamApp by Trio and WhatsApp recorded modest but promising growth in the competitive UPI space. Recently, NPCI approved Paytm to onboard new UPI users. The firm also increased transaction limits for UPI payments, UPI Lite Wallet, and UPI 123Pay to boost digital adoption and support the government’s goal of 1 billion daily transactions by 2026-27.

Paytm’s pre-paid wallet business plunges 70%; PhonePe gains

The Arc Web

The Arc Web · 1y ago

Paytm’s pre-paid wallet business plunges 70%; PhonePe gains

Paytm has experienced a significant decline in the volume and value of transactions made through its digital wallet, following a ban on additional top-ups imposed by the Reserve Bank of India (RBI) on March 15. Transaction volumes fell by 70% in March compared to January, with the value of transactions also plummeting by 69%. This ban has negatively impacted Paytm's profitability and forced the company to shift its focus to lower-margin UPI payments. Additionally, the ban has affected Paytm's Fastag business, which is an electronic toll collection service.

UPI crosses 10 billion in transactions for the first time

Entrackr

Entrackr · 1y ago

UPI crosses 10 billion in transactions for the first time

Unified Payments Interface (UPI) has achieved a milestone, surpassing 10 billion monthly transactions for the first time after over 7 years of its inception. UPI recorded 10.24 billion transactions worth Rs 15.18 lakh crore in August. PhonePe led with a 47% market share, while Google Pay and Paytm had 35% and 13% respectively. UPI's success has spurred plans for expansion into more countries. RBI's UPI Lite, aimed at promoting micro transactions and offline digital payments, has seen wide adoption.

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