The UPI AutoPay was launched by the National Payment Corporation of India (NPCI) on Wednesday to make transactions easier.
What is the new facility?
An UPI user can create e-mandate through UPI ID, QR scan or Intent. The new auto-debit feature has been included after analysing customers’ behaviour of recurring payments. You can easily set the mandate for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half yearly and yearly. If the amount exceeds ₹2000, you can execute every mandate with UPI PIN, as per the report in business daily Mint.
Any UPI-enabled application will also contain a ‘Mandate’ section, through which customers can create, approve, modify, pause as well as revoke auto debit mandate. You can also view your past mandates for reference and records. You simply have to authenticate the account through UPI PIN once and subsequently, monthly payments get debited on its own.
Who partnered for the UPI AutoPay facility?
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.
The UPI 2.0 offers features such as overdraft facility, one-time mandate, the invoice in the inbox and signed intent & QR and foreign inward remittance among others to the customers.
According to the business daily Mint, payments on Unified Payments Interface (UPI) in June touched 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.