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UPI AutoPay For Recurring Payments: How To Use It?

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UPI which is an instantaneous payment mode introduced by the NPCI in its updated edition has come up with UPI AutoPay. The latest launch will enable recurring payments for various expenses or investments say for instance monthly SIP or insurance premiums which are payable in quarterly, half-yearly mode, subscription and other OTT payments.

 

UPI AutoPay For Recurring Payments: How To Use It?

As an alternative to the new facility, at present we have NACH or we need to give a physical mandate for the same to our respective bank.

"The UPI AutoPay offering would provide millions of UPI user's convenience and safety while making recurring payments. This facility will benefit customers and merchants with an all new recurring payments experience. We hope to achieve new milestones by expanding UPI's presence especially in the person-to-merchant (P2M) payment space," said Dilip Asbe, CEO, NPCI.

How To Use UPI AutoPay?

1. You will need to establish an e-mandate via UPI enabled bank Id or QR scan for transactions up to Rs. 2000.

2. For the first time transaction, you need to authenticate your account via UPI Pin and then subsequent payments will be debited automatically. But for amount over Rs 2,000, a UPI PIN authentication will be required for every mandate.

3. Any of the UPI-enabled app would feature a 'Mandate' section, which will help you in creating, approving, modifying, stopping as well as revoking auto-debit mandate.

4. The mandate section will also allow you to view your past mandates for reference and records.

5. These mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly.

Banks, fintech companies providing the facility include:
1. Axis Bank
2. Bank of Baroda
3. HDFC Bank
4. HSBC Bank
5. ICICI Bank
6. IDFC Bank
7. IndusInd Bank
8. Paytm Payments Bank
9. AutoPe-Delhi Metro
10. AutoPe-Dish TV
11. CAMS Pay
12. Furlenco
13. Growfitter
14. Policy Bazaar
15. Testbook.com
16. The Hindu
17. Times Prime
18. Paytm
19. PayU
20. RazorPay, among others.

The Jio Payments Bank, State Bank of India and Yes Bank will soon be active with their UPI AutoPay facility.
GoodReturns.in

Read more about: upi
Story first published: Thursday, July 23, 2020, 15:07 [IST]
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