National Payment Corporation of India (NPCI) has introduced a new functionality called UPI AutoPay for recurring payments. Introduced under UPI 2.0, the functionality enables customers to give recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds and loan payments, etc of up to Rs 2000. If the amount exceeds Rs 2000, customers have to execute every mandate with UPI PIN. 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. The section will also allow customers to view their past mandates for their reference and records. UPI users can create e-mandate through UPI ID, QR scan or Intent. Some of the 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, etc. Nandan Nilekani Chairman and Co-founder, Infosys, said 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, he added. Rajnish Kumar, Chairman, State Bank of India said this unique facility would enable customers streamline their recurring bill payments and help them get rid of paying those bills manually. Dilip Asbe, MD and CEO, NPCI said UPI AutoPay will offer millions of UPI users convenience and safety while making recurring payments.
