UPI Lite Auto Top UP Feature to be rolled out on Oct 31 know everything here -lattestnews24

If you are using UPI Lite for small transactions then there is good news for you. From October 31, you will be able to use the auto top-up option to reload the amount of your choice in your UPI Lite account. The National Payments Corporation of India (NPCI) has issued a circular on August 27 announcing that this UPI Lite feature will soon go live from October 31 this year. Let’s know about this UPI Lite feature.

The UPI Lite balance will be automatically reloaded with the amount selected by the user. This will allow PIN-less transactions of less than Rs 500 with a maximum UPI Lite balance limit of Rs 2,000 at any time. However, it is important to note that reloading will not exceed the UPI Lite balance limit of Rs 2,000. Apart from this, users will also be able to cancel the auto top-up mandate at any time, according to the NPCI circular.

What is UPI Lite

UPI Lite is a new payment solution that allows UPI users to make small amount transactions (less than Rs 500) without entering a PIN. These transactions happen without using the sender’s bank’s core banking system, providing an uncluttered passbook for users. On UPI Lite, users can simply open the app and make payments without entering a PIN.

how will it work

NPCI has directed that issuing banks will support the function of auto top-up on UPI Lite, wherein banks should allow creation of UPI Lite mandate and facilitate debit whenever requested from PSP/App. NPCI has also clarified that UPI apps will support the necessary functions and interface on their apps for customers to use auto top-up on UPI Lite. Apart from this, members will have to ensure that the mandate is applied properly. All necessary verifications should be done at the time of mandate. The number of auto-replenishment transactions for each UPI Lite account will be limited to 5 per day.