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The National Payments Corporation of India (NPCI) on Wednesday launched UPI Autopay, a facility that would allow recurring payments at regular intervals.
“With this new facility introduced under UPI 2.0, customers can now 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, paying for transit, metro payments among others of up to ₹2,000,” NPCI said in a release, adding that if the amount exceeds ₹2,000, customers have to execute every mandate with UPI PIN.
The facility was launched at the Global Fintech Fest.
“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, Managing Director and CEO, NPCI.
Nandan Nilekani, Chairman and Co-Founder, Infosys, noted that UPI acts as a backbone of digital India. “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,” he said.
According to the NPCI statement, some of the banks, merchants and aggregators that have already gone live with UPI AutoPay include 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, Paytm, PayU, RazorPay.
Meanwhile, Jio Payments Bank, State Bank of India and Yes Bank will soon go live with the facility.
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, NPCI further said.
Rajnish Kumar, Chairman, SBI, said the facility will be convenient to all customers for payments of utilities or subscribing to any entertainment channel where periodic payments have to be made.
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