Digital payments companyPhonePe has launched India’s first Wallet Auto Top-up feature using UPI e-mandates for its customers. This feature will help the PhonePe customers in setting up a UPI e-mandate once, after which PhonePe will automatically top up their wallet balance when it drops below a minimum level. This allows PhonePe customers to make multiple payments using their Wallet, without having to top up their wallet balance manually each time, saving a lot of time and effort.
Here are some benefits of using Wallet Auto Top-up:
⦁ PhonePe Wallet is automatically topped up when the balance drops below a minimum amount
⦁ Much higher transaction success rate since users don’t have to load their wallet each time the balance drops to zero.
Also Read: PhonePe, Axis Bank partner on UPI Multi-Bank
Steps promoting E-mandates are significant progress and will help leapfrog payments to the next level opening up a large number of use cases across businesses. PhonePe is testing this feature end-to-end with the Wallet Auto Top-up launch for its customers and also working to make this available to merchants, payment aggregators and other apps in the coming weeks. The UPI e-mandate is important for the digital payments ecosystem, as it takes forward RBI’s vision of offering a seamless recurring payment experience to customers.
PhonePe customers can enable Wallet Auto Top-Up in a few simple steps. All they need to do is click on the ‘Top-Up’ icon in the wallet section on the PhonePe app homepage. Customers then need to enter an amount of their choice to be topped-up. A pop-up will be automatically shown to the customers to enable Auto Top-Up. Customers need to enter the Auto Top-Up amount ranging from INR 1,000 to Rs 5,000 and click on the ‘Top-Up & Set Auto Top-Up’ wallet option at the bottom of the screen and enter the UPI PIN. On successful confirmation from the customer’s bank, the wallet gets recharged for the chosen amount instantly and an auto-top up mandate is created.