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.
- 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.
- 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|
List of Apps Live On UPI AutoPay
|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|
|5||Bank of Baroda|
|6||Axis Bank Ltd.|
|7||Bank of India|
|9||IDFC FIRST Bank|
|10||Yes Bank Ltd|
|12||IDBI Bank Limited|
|14||Punjab and Sind Bank|
|15||Karur Vysya Bank|
|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|