National Payment Corporation of India (NPCI) today launched UPI AutoPay feature for recurring payments. With this new facility, customers can enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment and OTT subscriptions, insurance, mutual funds and loan payments, among others of up to ₹2000. If the amount exceeds ₹2000, 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 users 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.
The customers have 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, AutoPe-Dish TV, CAMS Pay, Furlenco, Growfitter, Policy Bazaar, Testbook.com, The Hindu, Times Prime, Paytm, PayU, RazorPay, among others. Jio Payments Bank, State Bank of India and YES Bank will soon go live with UPI AutoPay.
Nandan Nilekani Chairman and Co-Founder, Infosys Limited said, “Introducing UPI AutoPay on UPI is a testament of continuous innovation in the digital payments space. This was also one of the key recommendations of the RBI Committee on Deepening of Digital Payments, which I chaired. It is a proud moment for the ecosystem to witness features like UPI AutoPay, which is technology driven that requires minimum human intervention.”
“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,” said Dilip Asbe, MD & CEO, NPCI.
The facility aims to provide millions of UPI users convenience, safety while making recurring payments, said NPCI. The UPI 2.0 offers features such as overdraft facility, one-time mandate, invoice in the inbox and signed intent & QR and foreign inward remittance among others to the customers.
Payments on Unified Payments Interface (UPI) in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly ₹2.62 lakh crore, as per National Payments Corporation of India (NPCI) data.
On a month-on-month basis it registered a 8.94% growth from 1.23 billion in May.