The National Payments Corporation of India (NPCI) recently introduced a new feature for NETC FASTag and RuPay National Common Mobility Card (NCMC) users, allowing automatic top-up without the need for a 24-hour pre-debit notification under the UPI AutoPay framework. This enhancement aims to streamline transactions for these card users.
With this development, when the card balance dips below the user-defined minimum threshold, automatic top-up will occur seamlessly, eliminating the need for prior notifications. Previously, the Reserve Bank of India (RBI) had laid the groundwork for this initiative through the e-mandate framework, as outlined in the RBI's "Statement on Developmental and Regulatory Policies" released on June 7, 2024.
The newly introduced guidelines aim to improve user convenience by allowing immediate automatic top-up when the balance reaches a low level.
Despite the elimination of the pre-debit notification requirement, all other regulations within the e-mandate framework will remain in effect. Consequently, users can anticipate secure and compliant transactions when utilizing their NETC FASTag and RuPay NCMC.
To enact this modification, banks that issue NETC FASTag and RuPay NCMC are mandated to diligently enforce the automated top-up process in alignment with its intended objectives.
In a related development, users of UPI Lite will be granted the choice to activate auto top-up functionality for account reloading starting from October 31. This innovative feature is designed to streamline small-value transactions.
The UPI Lite Auto Top-up feature will automatically replenish the user's account with the specified amount, ensuring sufficient balance for seamless, PIN-less transactions under Rs 500.
UPI transactions
In the month of September, the Unified Payments Interface (UPI) network experienced a considerable surge in daily transaction volumes, surpassing 500 million transactions per day. The total value of transactions conducted through UPI exceeded ₹20 lakh crore for the fifth consecutive month.
The average daily transaction value for September amounted to Rs 68,800 crore, showcasing a notable increase from the previous month's Rs 66,475 crore. In comparison to the same period last year, UPI transactions witnessed a significant surge of 31%, reaching Rs20.64 lakh crore.
Concurrently, FASTag transactions remained stable at 11 million daily transactions, with a slight uptick in transaction value to Rs 187 crore per day, as opposed to Rs 181 crore in August.
Additionally, the Aadhaar Enabled Payment System (AePS) recorded a substantial growth in transaction volumes, reaching 100 million transactions per day in September. The total value of AePS transactions also saw an increase, amounting to Rs 805 crore daily, in contrast to Rs 796 crore in August.