National Payment Corporation of India (NPCI) Wednesday launched fintech payment solution UPI AutoPay for recurring payments at a virtual event Global Fintech Fest.
The added facility under UPI 2.0, allows customers using any UPI application to make recurring payments such as mobile bills, electricity bills, EMI payments, entertainment, OTT subscriptions, insurance, mutual funds and loan payments, paying for transit, metro payments among others of upto Rs. 2000. If the amount exceeds Rs. 2000, customers have to execute every mandate with UPI PIN.
This essentially means that users of UPI-based apps can now be used to use auto-debit feature to pay monthly bills upto Rs 2,000.
How to activate auto-debit feature
Any UPI-enabled application would also have a ‘Mandate’ section, through which customers can create, approve, modify, pause as well as revoke auto-debit mandate. The mandate section will allow customers to view their past mandates for their reference and records. UPI users can create e-mandate through UPI ID, QR scan or Intent. The pattern for auto-debit mandate has been created keeping in mind customers’ spends on recurring payments. The mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly and yearly, the NCPI said in a statement.
Mandates are generated instantly and payments get deducted automatically on the authorized date. The customers have to authenticate their account through UPI PIN for one-time and subsequent monthly payments would be debited automatically.
Which apps have gone live with feature
Some of the banks, merchants and aggregators who have already gone live with UPI AutoPay are Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IDFC Bank, IndusInd Bank, Paytm Payments Bank, AutoPe-Delhi Metro, AutoPe-Dish TV, CAMS Pay, Furlenco, Growfitter, Policy Bazaar, Testbook.com, The Hindu, Times Prime, Paytm, PayU, RazorPay, among others. Jio Payments Bank, State Bank of India and YES Bank will soon go live with UPI AutoPay…….Read More>>