National Payments Corporation of India (NPCI) on Wednesday launched UPI AutoPay feature to enable automatic debit for recurring payments. The new feature allows users to set an e-mandate through their UPI ID or QR Scan for transactions up to Rs 2,000. The customers would still require UPI PIN to authenticate transactions above Rs 2,000.
The user is expected to set an authorised date for auto debit in the 'Mandate' section for the money to be deducted automatically. The customers can use the new feature for their mobile bills, mutual funds and loan payments, transit or metro fares, EMI payments,insurance, electricity bills, and others.
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 are some of the financial institutions for which NPCI has introduced the facility.
"The launch of UPI AutoPay is a step ahead in India's journey towards digitisation.We have been witnessing a lot of changes in the way customers are making recurring payments over the last few years.The UPI AutoPay offering would provide millions of UPI users 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," Dilip Asbe, MD & CEO, NPCI said.
NPCI was incorporated in 2008 as an umbrella organisation for operating retail payments and settlement systems in India.Also read: Govt dumps new GST return system; to continue with modified version of existing one
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