Paytm’s payment bank: When the Reserve Bank tightened the noose on Paytm’s payment bank, the company has taken a big gamble regarding UPI wallet. Paytm, which was once considered the country’s top app in digital payments, is currently going through difficulties and after the action of RBI, users had become disillusioned. From small shopkeepers to buyers, they were increasingly moving away from Paytm’s app to alternatives like Google Pay and PhonePe. But, now the company has played a big bet keeping in mind the small customers. Paytm has started a new feature called UPI Lite Wallet, which will not only relieve users from the hassle of entering PIN again and again, but will also be very easy to use. After all, how this wallet works and how you can activate it in your app, the whole process is quite easy.
UPI Lite Wallet, as the name suggests, is used for light payments. This wallet gives the facility to add Rs 2000 at a time and this can be done twice a day. This means that Rs 4000 can be spent in a day from the light wallet. This wallet is very useful for small users who make payments for small purchases during the day.
How much payment is possible at one time?
It has to be kept in mind that only up to Rs 500 can be paid at a time through this wallet. However, for this payment you will not need to enter the PIN again and again. For this, the company has partnered with Axis Bank, SBI, HDFC, Yes Bank, so that the users can get good service. Apart from Paytm, PhonePe and GooglePay also provide UPI Lite Wallet facility.
How to activate this feature
- First of all, open the Paytm app and click on ‘UPI Lite Activate’ option on the home screen.
- Select your bank account which you want to link with UPI Lite to add money.
- Enter the amount to add to wallet.
- Verify mobile PIN to create UPI Lite account.
- After this, your UPI Lite Wallet account will be activated and you will be able to add money and make payment without entering the PIN.
Where can you use it
With UPI Lite Wallet you can make payment by scanning any QR code. If you want, you can also make payment through UPI Lite by selecting your mobile number or any name included in your contact list. If you make payment on any of these options, there will be no need to enter the PIN again and again.
