New Delhi: Reserve Bank of India governor Shaktikanta Das announced the rollout of the automatic wallet reload facility for FASTag, National Common Mobility Card (NCMC), and UPI Lite. He said the facility will improve the ease fo travel for daily commuters while also improving the operationality of UPI Lite which is a boon for individuals making payments in areas with low Internet connectivity.
What are FASTag and NCMC?
FASTag is based on RFID technology in which a strip is attached to a car windscreen with a unique code which allows for automatic scanning at toll plazas and deduction of wallet balance without the need to manually pay toll.
NCMC or National Common Mobility Cards are issued by banks with contactless transaction facility. Thes e cards are linked to their bank account and allow for travel and ease if use by reducing the number of cards that an individual has to carry in their wallet. NCMC is also geared up for multi-modal transport connectivity.
The new e-mandate rule eliminates the need for a pre-debit notification 24-hours before the actual debit from customer’s account, said Das.
What is UPI Lite?
UPI Lite is an online wallet offered by the customer’s preferred Unified Payments Interface (UPI) services provider. An individual can opt for UPI Lite and upload up to Rs 500 at a time into an online wallet on their UPI app. This will allow them to make transactions even in areas with low internet connectivity.
A UPI Lite wallet allows uploads up to Rs 4,000 per day. Now, users can choose the auto wallet reload facility to have their UPI Lite wallet loaded at all times without having to manually update it every time. The auto-reload will not require any pre-debit notification since the funds will remain with the customer, said the RBI governor.
RBI governor Shaktikanta Das on Friday announced the roll out of automatic replenishment of wallet balance for UPI Lite, FASTag, and the National Common Mobility Card for ease of travel and transactions. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
