look news india
UPI New Service: National Payment Corporation of India (NCPI) is soon going to launch auto top-up facility for UPI Lite customers. Through this, users will not need to deposit money in UPI Lite again and again from their bank account. The amount will be automatically deposited in the UPI wallet. The new facility will start from October 31. NPCI has recently issued a circular in this regard. According to this, customers will be able to use the auto top-up option to re-deposit the amount of their choice in their UPI Lite account. Customers can also turn off this facility at any time.
No UPI PIN required
UPI Lite facility has been introduced for small payments. UPI PIN is not required for payments up to Rs 500. However, for payments of amounts above this, it is necessary to enter the UPI PIN.
A fixed amount must be decided
In this facility, the customer will have to set a fixed amount to be transferred from the bank account to the UPI Lite account. If a customer has set a limit of Rs 1000 as top-up, then Rs 1000 will automatically be added to the UPI Lite wallet as soon as the balance is exhausted. This will be very convenient for those who make online payments through UPI.
Maximum amount that can be added
The maximum limit for keeping money in UPI Lite is Rs 2,000. This means that customers can auto-top up only Rs 2,000 at a time.
These instructions will be applicable to banks and companies
Issuing banks will provide auto top-up facility on UPI Lite, which will facilitate creation of mandate.
A maximum of 5 fixed amounts can be transferred from the bank account to the UPI Lite account in a day.
The relevant third party payment app service companies and banks would be required to carry out verification while providing the mandate facility.