NPCI launches UPI AutoPay feature, the hassle of paying bills every month will be removed

National Payments Corporation of India (NPCI) has launched the new UPI AutoPay feature, with the help of which the hassle of making online payments every time will become easier. With the help of this feature, customers can automatically set monthly payments up to Rs 2,000. However, for payments above Rs 2000, the customer would be required to provide UPI PIN. You can use this UPI Autopay feature for many online transactions like mobile bill payment, mutual fund, loan, metro payment, EMI payment, insurance, electricity bill, OTT subscription.

Under the UPI AutoPay feature, the customer has to select the payment amount and set the debit account to make the payment. A ‘Mandate’ section has now been added to eligible UPI apps, through which customers can create, approve, modify or pause an auto-pay process. 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. User must set an authorized date for auto-debit in the ‘Mandate’ section on which date the amount for payment will be automatically debited. NPCI also said that UPI users can also create e-mandate with the help of UPI ID and QR scan.

As we mentioned, payment for amounts less than Rs 2,000 will be done automatically, for this you will have to authenticate your account only once through UPI PIN. After that every month the decided amount will be automatically deducted from your account. But for payment of amount more than Rs 2000, UPI PIN will be required in every mandate.

NPCI launches its UPI Auto-Pay with 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, From 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 UPI autopay feature. With the help of this feature, customers will be free from the hassle of remembering the payments to be made every month, and the fixed payment will be automatically debited from the account.

Let us tell you, UPI remains a popular option for digital transactions in India. The India Digital Payments report of 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.