NPCI UPI AutoPay facility introduced for recurring payment
The National Payment Corporation of India (NPCI) launched the functionality of UPI AutoPay for recurring payments today.
The National Payment Corporation of India (NPCI) launched the functionality of UPI AutoPay for recurring payments today. With this new facility introduced under UPI 2.0, customers can now enable recurring e-mandate using any UPI application for 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 up to Rs 2000. If the amount exceeds Rs 2000, customers have to execute every mandate with UPI PIN.
Speaking on the launch, Dilip Asbe, MD and CEO at NPCI said, “The launch of UPI AutoPay is a step ahead in India’s journey towards digitization. We have been witnessing a lot of changes in the way customers are making recurring payments over the last few years. The UPI AutoPay offering would provide millions of UPI user’s convenience and safety while making recurring payments. We believe this facility will not only benefit customers, but also merchants with an all new recurring payments experience. We also hope to achieve new milestones by expanding UPI's presence especially in the P2M payment space”.
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Rajnish Kumar, Chairman, SBI said, “We are glad to witness the launch of UPI AutoPay facility at this momentous event. We believe this unique facility would enable customers to streamline their recurring bill payments and help them get rid of paying those bills manually. It is a pleasure to watch both banks and digital payment ecosystems collectively working towards providing utmost convenience to customers. We are confident that the coming years would bring in various innovative digital payments solutions keeping in mind customers ease of payments convenience and safety.”
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.
Both, individual users and merchants can benefit from this feature tremendously, as 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.
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