National Payment Corporation of India (NPCI) on Wednesday launched UPI AutoPay functionality for recurring payments.
With this new facility introduced under UPI 2.0, customers can now enable recurring e-mandate using any UPI application for recurring payments — like mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds and loan payments, paying for transit/metro payments, among others — of up to Rs 2,000.
Arif Khan, Chief Digital Officer, NPCI
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If the amount exceeds Rs 2,000, customers have to execute every mandate with UPI PIN, NPCI said in a statement.
Any UPI-enabled application will also have a 'Mandate' section, through which customers can create, approve, modify, pause, as well as revoke auto debit mandate, it said.
The 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, it said.
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 or yearly, it added.
"Both, individual users and merchants can benefit from this feature tremendously, as mandates are generated instantly and payments get deducted automatically on the authorised date. The customers have to authenticate their account through UPI PIN for one-time and subsequent monthly payments would be debited automatically," NPCI said.
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, Policy Bazaar, The Hindu, Times Prime, Paytm, PayU, and RazorPay, among others.
Jio Payments Bank, State Bank of India and YES Bank will soon go live with UPI AutoPay, it said.
"We believe this unique facility would enable customers streamline their recurring bill payments and help them get rid of paying those bills manually," SBI Chairman Rajnish Kumar said.
With the RBI continuously encouraging customers to adopt digital payments, offerings like the launch of UPI AutoPay would further attract customers to on-board UPI and witness a new arena of digital payments.
The UPI 2.0 offers features such as overdraft facility, one-time mandate, invoice in the inbox and signed intent and QR and foreign inward remittance among others to the customers.
(Edited by Kanishk Singh)
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Original Source: yourstory.com