Digital payments platform PhonePe has launched a new Wallet Auto Top-up feature using UPI e-mandates for its customers.
The feature will allow PhonePe customers to set up a UPI e-mandate once, after which PhonePe will automatically top up their wallet balance when it falls below a minimum level.
This is meant to ensure a higher transaction rate. PhonePe customers can make multiple payments using their wallet with the new feature without having to top up their wallet balance manually each time.
Once the UPI e-mandate has been set up, users can automatically load their walters and make a payment without needing entering any PIN or waiting for an OTP each time.
The platform is testing this feature end-to-end with the Wallet Auto Top-up launch for PhonePe customers and is also working to make this available to merchants, payment aggregators and other apps in the coming weeks.
In PhonePe, customers can enable Wallet Auto Top-Up by clicking 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 ₹1,000 to ₹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.