New Delhi, September 17: The National Payments Corporation of India (NPCI) is preparing to enhance the UPI payment experience with the introduction of the new UPI Lite feature. The UPI Lite auto top-up option will be launched on October 31, 2024, for users to manage their transactions seamlessly. UPI Lite simplifies small payments by allowing users to make transactions without the need to enter a PIN for amounts up to INR 500. The UPI Lite auto top-up feature will allow users to always have sufficient balance to enhance convenience in everyday transactions.
As per a report of CNBC TV18, UPI Lite’s auto top-up feature will go live on October 31, 2024. The feature is expected to automatically top up the user's UPI Lite balance once it falls below a certain level so that there is always enough balance for small payments. UPI Lite was initially launched to ease low-value transactions by reducing the burden on the main UPI system. OnePlus Nord Buds 3 Launched in India With BassWave 2.0 Technology; Check Price, Specifications and Features.
The auto top-up feature will help users avoid transaction failures due to insufficient balance, especially for small payments. Users can manage their preferences and set the auto top-up limit through their UPI apps. Users can cancel the automatic top-up whenever they want. There will be a limit of 5 automatic top-up transactions allowed each day. HMD Skyline 5G Smartphone Launched in India With Gen2 Reparability, Sale Starts Today; Check Price, Specifications and Features.
How Will UPI Lite Auto Top-Up Work
The UPI Lite auto top-up feature will allow users to set a specific amount that will be automatically added to their UPI Lite balance when it dips below a defined limit. The automation will remove the need for users to manually reload their balance. Users can set their preferences and enable the auto top-up feature. The goal is to make payments easier and quicker while staying within the INR 2,000 limit. The National Payments Corporation of India (NPCI) is working with banks and payment platforms for a smooth rollout of the feature.
(The above story first appeared on LatestLY on Sep 17, 2024 05:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).