National Payment Corporation of India (NPCI) has rolled out new UPI AutoPay feature in India. The newly launched feature by NPCI was unveiled in a virtual event of Global Fintech Fest, and it will ease the online recurring payments. The demand of making the recurring payments more accessible and more channelized was in the discussion from a long period, and with UPI AutoPay feature, small businesses collecting monthly fees will face less hassle in getting payments from their customers.
How to Use the UPI AutoPay Feature?
The newly launched UPI AutoPay feature will make the entire recurring payments such as utility payments, train tickets, DTH subscriptions, SIPs and EMIs easy and hassle-free. Since there are multiple use cases of recurring payments, the current limit has been fixed at Rs 2,000. If the payment exceeds Rs 2,000, customers will have to execute every mandate with the UPI Pin. In order to use the feature, customers will have to permit UPI as a payment option for paying a merchant and set up a one-time UPI AutoPay mandate. Once the access is granted, users will get the notification, and they will have to enter all the necessary details to allow the recurring payments. NPCI has stated that UPI users can create e-mandate through UPI, QR scan or intent.
NPCI AutoPay Feature has been Introduced for Various Banks
NPCI UPI AutoPay feature has been introduced for various banks. The banks which will support the new feature are HDFC Bank, ICICI Bank, IDFC Bank, IndusInd Bank, Paytm Payments Bank, HSBC Bank, Axis Bank, AutoPe-Dish TV and many more. Renowned banks like SBI, YES Bank and Jio Payments Bank will introduce UPI AutoPay soon.
UPI AutoPay Feature Will Promote Contactless Payments
The new UPI AutoPay feature is one of the best features in stressful times. As the Covid-19 pandemic is extensively growing, social distancing has become the new normal. UPI AutoPay feature will ease the recurring payments and it will also help people to avoid payments in cash and promote contactless payments which will help in containing the deadly virus.
