New Delhi: The National Payment Corporation of India (NPCI) on Wednesday said that it has launched the functionality of Unified Payments Interface AutoPay for recurring payments.
With this new facility, customers can now enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, OTT subscriptions, insurance, mutual funds and loan payments, paying for transit/metro payments among others of up to Rs 2,000.
If the amount exceeds Rs 2,000, customers have to execute every mandate with UPI PIN.
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.
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.
“The UPI AutoPay offering would provide millions of UPI user’s convenience and safety while making recurring payments,” Dilip Asbe, MD & CEO, NPCI, said in a statement.
“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 (person-to-merchant) payment space”.
The customers need to authenticate their account through UPI PIN for one-time and subsequent monthly payments would be debited automatically.
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, Paytm, PayU, and RazorPay, among others.
Jio Payments Bank, State Bank of India and YES Bank will soon go live with UPI AutoPay, NPCI said.