UPI Autopay for Recurring Payments; List of Banks And Apps Live On UPI AutoPay

The National Payments Corporation of India developed the Unified Payments Interface, an instant real-time payment system that facilitates inter-bank transactions. The Reserve Bank of India regulates the interface, which works by transferring payments between two bank accounts on a mobile platform in real-time.

Customers can now enable periodic e-mandates using any UPI application for recurring payments such as cell bills, power bills, EMI payments, entertainment/OTT subscriptions, insurance, and mutual funds, among other things, thanks to this new feature offered under UPI 2.0.

Benefits of UPI AutoPay

For Financial Services:

• EMI payments (loans, insurance, mutual funds) can be made via UPI AutoPay without missing due dates or setting reminders.
• Payments made on time avoid late fees and penalties.
• In UPI recurring mandates, each customer can choose from a variety of payment modes (monthly, quarterly, etc.) and quantities (from Rs.1/- to Rs.2000+).
• Recurring payments made in a secure and convenient manner.
• Transacting without using cash.
• There will be no long lines.
• There is no paperwork required.

For Transit:

• UPI offers a variety of passes on a daily, weekly, and monthly basis.
• There will be no longer fines or penalties for travelling without a ticket.
• There's no need to be concerned about losing tickets.
• It's the epitome of convenience.

For Educational Services:

• Education packages can be customized to meet specific needs.
• Payments that are simple and quick gaining. information from the comfort of one's own home. 

For Ecom

• The UPI AutoPay service allows you to buy now and pay later.
• For retailers, it's simple to deliver to their doorstep.
• Convenience is right outside your door (No searching for change etc)
• Modify, revoke, and pause tools are also provided for amending orders as needed.

 

How does UPI AutoPay work?

A 'Mandate' option will be available in any UPI-enabled application, allowing customers to establish, approve, alter, stop, or revoke an auto-debit mandate. To use the UPI Autopay feature, follow this step-by-step guide.

Authenticate your account with a UPI PIN once, and subsequent monthly payments will be automatically debited from your account.
For transactions up to Rs. 2000, create an e-mandate using a UPI-enabled bank ID or a QR scan.
Every mandate will demand a UPI PIN authentication for transactions exceeding Rs. 2000.
One-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly mandates are all possible.

Live Aggregators on UPI AutoPay

 

Sr. No.	Live Aggregators on UPI AutoPay
1	Razorpay
2	Paytm
3	Cams Pay
4	PayG
5	Digio
6	PayU
7	Bill Desk

List of Apps Live On UPI AutoPay

Sr. No.	Application
1	BHIM
2	Paytm
3	Indusind Bank App

List of Bank Live On UPI AutoPay

Sr. No.	Bank Name
1	State Bank Of India
2	Paytm Payments Bank
3	HDFC BANK LTD
4	ICICI Bank
5	Bank of Baroda
6	Axis Bank Ltd.
7	Bank of India
8	INDUSIND BANK
9	IDFC FIRST Bank
10	Yes Bank Ltd
11	Federal Bank
12	IDBI Bank Limited
13	HSBC
14	Punjab and Sind Bank
15	Karur Vysya Bank
16	RBL
17	NSDL Payments Bank
18	Jio Payments Bank
19	Utkarsh Small Finance Bank
20	Saraswat Co-operative Bank
21	North East Small Finance Bank
22	Suryoday Small Finance Bank
23	Shivalik Small Finance Bank
24	Thane Janta Sahakari Bank
25	Punjab National Bank
26	Canara Bank
27	SBM