(PPBL) has launched Unified Payments Interface (UPI) LITE, enabled by National Payments Corporation of India (NPCI) for multiple small-value UPI transactions. This 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. As a part of its efforts to drive innovation, the Bank said it is the first payments bank to launch such UPI LITE feature.
UPI LITE is a new payment solution that leverages the trusted NPCI Common Library (CL) application to process low value transactions that have been set at below ₹ 200. The solution runs off existing UPI ecosystem protocols for mobile phones to ensure commonality, compliance and system acceptance.
Designed by the National Payments Corporation of India (NPCI), UPI LITE was launched by the Reserve Bank of India in September 2022. Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI).
The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank
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