Recurring payments via UPI - now set autopay feature

Started by Kalyan, Jul 23, 2020, 11:48 AM

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Kalyan

Recurring payments via UPI - now set autopay feature

With this latest feature, customers can enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills among others up to ₹2,000

If the amount exceeds ₹2000, customers have to execute every mandate with UPI PIN

National Payments Corporation of India (NCPI), today launched its new UPI AutoPay feature in a virtual Global Fintech Fest event.

With this latest feature, 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.

Here is how to enable it:

1) You can can create e-mandate through UPI-enabled bank ID or QR Scan for transactions up to ₹2000.

2) For this, you have to authenticate your account through UPI PIN, which you created when you made the UPI account, for one-time and subsequent monthly payments would be debited automatically.


2) Any UPI-enabled application would also have a 'Mandate' section, through which you can create, approve, modify, pause as well as revoke auto debit mandate.

3) The mandate section will allow you to view your past mandates for reference and records.

4) The mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half yearly and yearly.

The feature is introduced under NPCI's UPI 2.0 platform.

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.


Here is how you can set up a UPI account:

One of the commonly used UPI apps for digital transactions is the BHIM app. Here are the steps to set up a UPI account via BHIM app:

Download and install BHIM app from Google Play store or Apple App Store.

Select your preferred language.

Select the SIM which has your mobile number registered with your bank account.

Set-up a four-digit login password, which you would need to enter every time you log in to the app.

Select and link your bank account. Set your UPI PIN by providing last six digits and expiry date of your debit card.

After this, your account is now registered and you can send or request for money to be transferred to your account. However, you cannot link your mobile wallet to UPI, you can only link your bank account to it. You can link more than one bank account to UPI if you want to.

Payments on 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.


source - live mint

Sudhakar

Good information Kalyan
Monthly 134 crore transaction means
Almost everyone in India had some 1 transaction of 129 crore population in India almost
2.62 lakh transaction even during lockdown is amazing only via upi

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