Technology Desk Ahmedabad: National Payments Corporation of India (NPCI) has started UPI Auto-Pay (UPI AutoPay) facility for every month or every quarter or every half i.e. Recurring Payments. NPCI said that this new facility has been started under UPI-2.0. Under this, users will be able to make payments like any mobile bill, electricity bill, EMI payment, entertainment / OTT subscription, insurance, mutual fund, loan payment and metro card bill through any UPI app.
To opt for e-mandate for recurring payment
NPCI said that under this new facility, UPI PIN will not be required for payment up to Rs 2,000. However, a PIN will be required every time to pay the amount above this. Every UPI app will now have an e-Mandate option. By choosing this option, users will be able to approve any recurring payment. Not only this, if you feel that a payment has to be stopped, then you can stop the recurring payment by going to this option. At the same time, if the payment amount decreases or increases, the user will also be able to change it.
Options will be available from daily to annual payment
Under the UPI Auto-Pay facility, payment will be provided on a daily, weekly, 15 days, every month, every other month, quarterly, half-yearly, yearly basis along with single payment. The corporation said that it will benefit both users and businessmen. Many banks and businesses like Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IDFC Bank, IndusInd Bank, Paytm Payments Bank, Autopay-Delhi Metro, Autopay- Dish TV, Policy Bazaar, Paytm, Payu, RazerPay Have already started the facility.
UPI Autopay facility will boost digital payments
Jio Paints Bank, SBI and Yes Bank are going to start UPI Auto-Pay facility soon. State Bank of India Chairman Rajnish Kumar said, ‘We believe that this facility will relieve customers from the worry of their recurring payment. The corporation has launched this easy facility of online payment at the virtual event of Global FinTech Fest. Infosys co-founder and non-executive chairman of the company board, Nandan Nilekani, said that we have been planning a digital payment economy for quite some time. He said that UPI Autopay facility will promote digital payment.