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Homegrown Paytm Payments Bank on Wednesday announced it now has over 2 million users on Paytm UPI LITE.

The Bank recorded over half a million daily transactions for Paytm UPI LITE through the Paytm app, it said in a statement.

"We have seen great adoption of Paytm UPI LITE, having crossed the milestone mark of over 2 million users within a short span of time," said a Paytm Payments Bank spokesperson.

"With Paytm UPI, we bring lightning-fast payments that never fail, powered by the latest UPI LITE technology and the security of Paytm Payments Bank," the spokesperson added.

Paytm UPI LITE brings single-click payments that never fail even when banks have success rate issues during peak transaction hours.

Once loaded, UPI LITE allows a user to do instant payments of up to Rs 200, making the entire experience seamless. A maximum of Rs 2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to Rs 4,000.

Paytm UPI is powered by the latest UPI LITE Technology for successful payments, and offers three-level bank-grade security.

Additionally, payments made using UPI LITE will not be shown in the passbook, offering an uncluttered bank statement for the user. It records only a single entry when adding money to UPI LITE balance.

"As the first payments bank to launch UPI LITE, the Bank continues in its tradition of building technology-led innovative solutions for its users, revolutionising everyday transactions," it said.