{"id":19985,"date":"2023-03-22T18:14:36","date_gmt":"2023-03-22T12:44:36","guid":{"rendered":"https:\/\/magicsheds.in\/index.php\/2023\/03\/22\/what-this-means-for-upi-lite-and-the-future-of-digital-payments\/"},"modified":"2023-03-22T18:14:36","modified_gmt":"2023-03-22T12:44:36","slug":"what-this-means-for-upi-lite-and-the-future-of-digital-payments","status":"publish","type":"post","link":"https:\/\/magicsheds.in\/index.php\/2023\/03\/22\/what-this-means-for-upi-lite-and-the-future-of-digital-payments\/","title":{"rendered":"What this means for UPI Lite and the future of digital payments"},"content":{"rendered":"<div>\n<div class=\"full-w-img\"><noscript><img decoding=\"async\" data-m=\"true\" src=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/paytm.png\"\/><\/noscript><img decoding=\"async\" class=\"lazyload\" data-m=\"true\" data-src=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/paytm.png\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/div>\n<p>Digital payments giant Paytm had announced in February that it would enable UPI Lite services on its platform.  NPCI (National Payments Corporation of India) last year unveiled a more efficient version of the pre-existing UPI service to make small transactions.  Now Paytm has become the first payment service to use this feature and made it available on Android devices.  I sat down with Shreyas Srinivasan, Chief Product Officer, Paytm, to discuss the benefits of UPI Lite on Paytm and his thoughts on wider adoption of the service.<\/p>\n<div class=\"full-w-img\"><img fetchpriority=\"high\" decoding=\"async\" alt=\"\" width=\"800\" height=\"600\" class=\"aligncenter size-full wp-image-511511 lazyload mod-full\" data-sizes=\"(max-width: 800px) 100vw, 800px\" srcset=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/Shreyas-Srinivasan.jpg?tr=q-100 800w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/Shreyas-Srinivasan-150x113.jpg?tr=q-100 150w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/Shreyas-Srinivasan-300x225.jpg?tr=q-100 300w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/Shreyas-Srinivasan-768x576.jpg?tr=q-100 768w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/Shreyas-Srinivasan-696x522.jpg?tr=q-100 696w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/Shreyas-Srinivasan-560x420.jpg?tr=q-100 560w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/Shreyas-Srinivasan-80x60.jpg?tr=q-100 80w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/Shreyas-Srinivasan-265x198.jpg?tr=q-100 265w\" src=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/Shreyas-Srinivasan.jpg?tr=q-100\"\/><\/div>\n<p><strong>Q: Please explain in your own words how UPI Lite works?<\/strong><\/p>\n<p><strong>Shreyas:<\/strong> So traditionally there are four different parts to a UPI transaction.  Your app, your bank, receiver&#8217;s app and receiver&#8217;s bank.  The problem arises when both sides of the bank have a success rate problem in a traditional UPI transaction.  So in that case you have UPI Lite to help you.  It is an on-device wallet where relatively low balances are transferred from your bank to your app.  The payment is then routed from your app to the recipient&#8217;s bank account.  It&#8217;s that simple.  It removes that one layer of communication that happens when your app contacts your bank to get the required funds.<\/p>\n<div class=\"full-w-img\"><img decoding=\"async\" alt=\"\" width=\"800\" height=\"500\" class=\"aligncenter size-full wp-image-511504 lazyload mod-full\" data-sizes=\"(max-width: 800px) 100vw, 800px\" data-srcset=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-2.jpeg 800w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-2-150x94.jpeg 150w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-2-300x188.jpeg 300w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-2-768x480.jpeg 768w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-2-696x435.jpeg 696w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-2-672x420.jpeg 672w\" data-src=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-2.jpeg\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 800px; --smush-placeholder-aspect-ratio: 800\/500;\" \/><\/div>\n<p><strong>Q: What are the transaction limits on UPI Lite?  How is it different from UPI?<\/strong><\/p>\n<p><strong>Shreyas:<\/strong> So with UPI Lite on Paytm, you can do transactions below Rs.200 only.  As mentioned earlier, it works like a wallet and you can store a maximum of Rs 2,000 at a time.  However, if you wish to exceed this amount, you can pay an additional Rs 2,000, giving Rs 4,000 as the daily limit on total transactions. <span>You do not need to enter your UPI PIN while transacting with UPI Lite, which is a huge advantage over regular UPI.<\/span><\/p>\n<blockquote><p>    ALSO READ: Paytm UPI Lite launched: What it is, how to set it up, everything you need to know<\/p><\/blockquote>\n<p><strong>Q: How many users are currently using Paytm&#8217;s UPI Lite service?  What kind of growth are you seeing?<\/strong><\/p>\n<p><strong>Shreyas:<\/strong> I guess it&#8217;s early days but we already have a few million users using Paytm UPI Lite.  The average transaction size on Paytm&#8217;s UPI Lite service today is around Rs 50 to 60, so we see this as an integral part of the UPI ecosystem.  For users who want to do small value transactions i.e. less than Rs.200, we auto-select UPI Lite for you, and for users who want to make large value payments, Paytm app will switch to normal UPI will switch.  Almost half the UPI transactions are less than Rs 200, so we hope that the introduction of UPI Lite will be the best way to make these transactions successful.  We are seeing a 30-40 percent increase in usage of UPI Lite every four days since our announcement.  We expect this number to continue to grow.<\/p>\n<div class=\"full-w-img\"><img decoding=\"async\" alt=\"\" width=\"800\" height=\"533\" class=\"aligncenter size-full wp-image-511503 lazyload mod-full\" data-sizes=\"(max-width: 800px) 100vw, 800px\" data-srcset=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-1.jpeg 800w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-1-150x100.jpeg 150w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-1-300x200.jpeg 300w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-1-768x512.jpeg 768w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-1-696x464.jpeg 696w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-1-630x420.jpeg 630w\" data-src=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-Lite-1.jpeg\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 800px; --smush-placeholder-aspect-ratio: 800\/533;\" \/><\/div>\n<p><strong>Q: Does Paytm plan to increase transaction value on UPI Lite in future? <\/strong><\/p>\n<p><strong>Shreyas:<\/strong> I think it will definitely be considered after a period of six months.  These new features are constantly changing and are reviewed frequently.  I am sure there will be a change in the current maximum transaction value and daily limit.  However, at this point in time, I can&#8217;t comment on what those prices will be right now.  However, I can tell you that UPI Lite on Paytm is doing around Rs 3 crore transactions per day. <\/p>\n<div class=\"full-w-img\"><img decoding=\"async\" alt=\"\" width=\"800\" height=\"600\" class=\"aligncenter size-full wp-image-511506 lazyload mod-full\" data-sizes=\"(max-width: 800px) 100vw, 800px\" data-srcset=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-4.jpg?tr=q-100 800w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-4-150x113.jpg?tr=q-100 150w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-4-300x225.jpg?tr=q-100 300w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-4-768x576.jpg?tr=q-100 768w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-4-696x522.jpg?tr=q-100 696w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-4-560x420.jpg?tr=q-100 560w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-4-80x60.jpg?tr=q-100 80w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-4-265x198.jpg?tr=q-100 265w\" data-src=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-4.jpg?tr=q-100\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 800px; --smush-placeholder-aspect-ratio: 800\/600;\" \/><\/div>\n<p><strong>Q) I see that some major banks like ICICI and Axis Bank are still yet to adopt UPI Lite.  When do you see a widespread adoption?<\/strong><\/p>\n<p><strong>Shreyas:<\/strong> I believe all the banks are aware that being on UPI Lite is helpful to them from their own perspective.  This is because one of the major achievements of UPI Lite is that it reduces the load on the banking software of individual banks.  This has been a big problem for banks as too many small value transactions can put a strain on their digital infrastructure.  So I think they are all encouraged to adopt, and some of the bigger banks have already started.  I expect most major banks to make UPI Lite available on their platforms in this quarter.<\/p>\n<p><strong>Q) Are you planning to educate your users on UPI Lite?<\/strong><\/p>\n<p><strong>Shreyas:<\/strong> Of course, every time something new is launched, we have to do a little bit of consumer education.  We have already started this on our social media and on our on-app creative.  In addition, we also explain the benefits of UPI Lite before the first transaction takes place.  It&#8217;s fairly straight forward and I think most people will be able to pick up on it very quickly.<\/p>\n<div class=\"full-w-img\"><img decoding=\"async\" alt=\"\" width=\"800\" height=\"600\" class=\"aligncenter size-full wp-image-511507 lazyload mod-full\" data-sizes=\"(max-width: 800px) 100vw, 800px\" data-srcset=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-3.jpg?tr=q-100 800w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-3-150x113.jpg?tr=q-100 150w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-3-300x225.jpg?tr=q-100 300w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-3-768x576.jpg?tr=q-100 768w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-3-696x522.jpg?tr=q-100 696w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-3-560x420.jpg?tr=q-100 560w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-3-80x60.jpg?tr=q-100 80w, https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-3-265x198.jpg?tr=q-100 265w\" data-src=\"https:\/\/www.91-cdn.com\/hub\/wp-content\/uploads\/2023\/03\/UPI-lite-3.jpg?tr=q-100\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 800px; --smush-placeholder-aspect-ratio: 800\/600;\" \/><\/div>\n<p><strong>Q) Paytm&#8217;s UPI Lite is currently available only for Android users.  When do iOS users get it?<\/strong><\/p>\n<p><strong>Shreyas:<\/strong> It is currently working.  India&#8217;s smartphone market is predominantly on Android, so it makes sense to release the UPI Lite functionality there first.  However, in the next two-three weeks, iPhone users should also get it.<\/p>\n<div class=\"c-message_kit__gutter\">\n<div role=\"presentation\" class=\"c-message_kit__gutter__right\" data-qa=\"message_content\">\n<div class=\"c-message_kit__blocks c-message_kit__blocks--rich_text\">\n<div class=\"c-message__message_blocks c-message__message_blocks--rich_text\" data-qa=\"message-text\">\n<div class=\"p-block_kit_renderer\" data-qa=\"block-kit-renderer\">\n<div class=\"p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first\">\n<div class=\"p-rich_text_block\" dir=\"auto\">\n<p><em>Disclosure: This author attended the launch event in Goa at the invitation of Paytm<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<aside class=\"mashsb-container mashsb-main mashsb-stretched\"\/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Digital payments giant Paytm had announced in February that it would enable UPI Lite services on its platform. NPCI (National Payments Corporation of India) last year unveiled a more efficient version of the pre-existing UPI service to make small transactions. Now Paytm has become the first payment service to use this feature and made it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[5],"tags":[1287,603,1047,1565,1567,1566],"class_list":["post-19985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-digital","tag-future","tag-lite","tag-means","tag-payments","tag-upi"],"_links":{"self":[{"href":"https:\/\/magicsheds.in\/index.php\/wp-json\/wp\/v2\/posts\/19985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magicsheds.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magicsheds.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magicsheds.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/magicsheds.in\/index.php\/wp-json\/wp\/v2\/comments?post=19985"}],"version-history":[{"count":0,"href":"https:\/\/magicsheds.in\/index.php\/wp-json\/wp\/v2\/posts\/19985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/magicsheds.in\/index.php\/wp-json\/wp\/v2\/media\/19986"}],"wp:attachment":[{"href":"https:\/\/magicsheds.in\/index.php\/wp-json\/wp\/v2\/media?parent=19985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magicsheds.in\/index.php\/wp-json\/wp\/v2\/categories?post=19985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magicsheds.in\/index.php\/wp-json\/wp\/v2\/tags?post=19985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}