Paytm has introduced a new feature called UPI LITE, which enables users to carry out small and quick transactions of up to Rs 200 with a single tap on the Paytm app. The company claims that it is currently the only platform that exclusively offers UPI LITE payments. Using UPI LITE, customers can make multiple small-value UPI transactions without using a PIN.
The feature aims to make digital payments more accessible to people across India, and Paytm promises that UPI LITE payments will never fail, even during peak transaction hours. With UPI LITE, only one money transfer entry is made in the user's bank account, which declutters bank statements. Customers will receive an SMS from the bank every day, containing a history of all UPI LITE transactions made during the previous day.
Nine banks currently support Paytm UPI LITE, including Canara Bank, Central Bank of India, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, Union Bank of India, and Utkarsh Small Finance Bank. Paytm is offering a Rs 100 cashback to users for activating UPI LITE and adding Rs 1,000 as balance to drive adoption.
Paytm Payments Bank aims to bring scalable and never-failing payments to every corner of the country. With Paytm UPI, payments never fail, transactions are superfast, and users don't see clutter in their bank statements.
Paytm parent company One 97 Communications witnessed an uptick of around 2.80 per cent in share price during Friday's session.
Paytm Cancel Protect
Paytm also introduced a new Cancel Protect feature on its application. The company will offer a 100 per cent refund with this scheme for flight and bus tickets. For flights booked via Paytm, the app with charge an amount of Rs 149 for Cancel Protect and Rs 25 for bus tickets.
In a statement, the company said, “The customer can claim a 100 per cent refund with ‘Cancel Protect’ for trips that are cancelled through Paytm at least 24 hours before the scheduled departure time for flights and at least four hours before the scheduled departure time for buses. With ‘Cancel Protect’, there is no cap on the refund amount and the fare is credited instantly into the source account upon cancellation."
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