Users of Fastag and National Common Mobility Card will now be able to add balance to their cards through recurring payment mechanism. Using this mechanism, money will be automatically added when the balance of customers’ FASTag and NCMC goes below the limit set by them. This will make it easier to make travel and mobility related payments. RBI Governor Shaktikanta Das said this while giving information about the decisions taken in the Monetary Policy Committee (MPC) meeting today i.e. on 7 May. Automatic wallet reload feature started for UPI Lite RBI is also introducing auto-replenishment feature for UPI Lite Wallet under e-mandate framework. In this, the money of UPI Lite Wallet will be loaded automatically when it falls below the set limit. Currently UPI Lite Wallet allows customers to load up to ₹ 2000 and make payments up to ₹ 500 per transaction. Right now every time the money is low, users have to reload manually. What is recurring payment mechanism? Recurring payment mechanism is a model through which money is automatically debited for a product or service in a fixed period. In this, the payment amount is pre-decided. For this mechanism, the user has to give permission to debit money once through e-mandate. RBI will establish Digital Payment Intelligence Platform RBI Governor Shaktikanta Das said, ‘The Reserve Bank has taken several measures in the last few years to promote digital payments while ensuring security. These measures have increased the confidence of users. However, the increasing incidents of digital fraud highlight the need for a system to prevent and reduce such fraud. Therefore, it is proposed to establish a Digital Payment Intelligence Platform to share network level intelligence information and real-time data in the digital payment ecosystem. To take this initiative forward, the Reserve Bank has constituted a committee to examine various aspects of setting up this platform.
