Under the UPI AutoPay feature, the customer has to select and set up the payment amount and the debit account to make the payment. A ‘Mandate’ section has now been added to the eligible UPI app, through which customers can create, approve, modify, or pause and pause the process of Autopay. Giving information, NPCI said that the mandate can be set in many ways, in which along with one time option, you get the option of daily, weekly, monthly and yearly etc. The user has to set an authorize date for auto-debit in the ‘Mandate’ section, on which the amount for payment will be automatically debited. NPCI also informed that UPI users can also create e-mandate with the help of UPI ID and QR scan.
As we mentioned, any amount less than Rs 2,000 will be paid automatically, for this you only need to authenticate your account through UPI PIN once. After that every month the automatically decided amount will be deducted from your account. But for payment of amount above Rs 2000, UPI PIN will be required in every mandate.
NPCI Launches Its UPI Auto-Pay 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, Platforms like Growfitter, Policy Bazaar, Testbook.com, The Hindu, Times Prime, Paytm, PayU, and RazorPay. YES Bank, State Bank of India, and Jio Payments Bank will soon introduce the UPI autopay feature. With the help of this feature, customers will end the hassle of remembering the payment made every month, and the payment made will be automatically debited from the account.
Let us tell you, UPI remains a popular choice for digital transactions in India. The India Digital Payments report for the year 2019 shows that last year, transactions worth Rs 18,36,000 crore were done through UPI, which is 214 percent more than the year 2018.