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Automatic Recharge Coming to FASTag and NCMC: No More Manual Reloads

Recharge Payments to be Automatically Added to FASTag and NCMC Cards

FASTag and National Common Mobility Card (NCMC) users will now have the convenience of having their card balances automatically topped up through the use of a recharging mechanism. With this mechanism, if the balances of customers’ FASTag and NCMC cards fall below the specified limit, payments will be added automatically.

This will make travel and mobility-related transactions easier. RBI Governor Shaktikanta Das announced today, after the Monetary Policy Committee (MPC) meeting held every two months, which decisions have been taken.

Automatic Wallet Reload Feature Launched for UPI Lite

Under the RBI’s e-Mandate framework, UPI Lite wallets are also being offered an auto-replenishment feature. With this, if the balance falls below the specified limit, the UPI Lite wallet will automatically reload.

Currently, UPI Lite wallets allow customers to load up to ₹2000 and make transactions up to ₹500 without any charge. However, users need to manually reload when the balance runs out.

What is Recurring Payment Mechanism?

The recurring payment mechanism is a model wherein funds are debited automatically from a user’s account at regular intervals for a specified product or service. The amount for payment is predetermined and deducted automatically. For this mechanism, users need to authorize a one-time debit through the e-Mandate.

RBI to Establish Digital Payment Intelligence Platform

RBI Governor Shaktikanta Das announced that the Reserve Bank has taken significant strides in ensuring the security of digital payments over the past few years. These efforts have instilled confidence in users’ self-assurance. However, the increasing incidents of digital fraud highlight the necessity to enhance the system’s capabilities to prevent and mitigate such occurrences.

Therefore, to bolster the ecosystem of digital payments and to provide network-level intelligence information and real-time data sharing, the RBI has requested the establishment of a Digital Payment Intelligence Platform. To advance this initiative, the Reserve Bank has formed a committee to assess various aspects of setting up this platform.

Arvind Amble

My name is Arvind Amble. As a tech enthusiast and writer, I'm fascinated by the ever-evolving world of technology, AI, IOS, Android, Software & Apps, and Digital Marketing. With a keen eye for emerging trends and a passion for innovation, I bring a fresh perspective to my writing, blending technical expertise with a creative flair.