In a good news for regular users of Unified Payments Interface (UPI), the Ministry of Electronics and Information Technology has introduced UPI autopay for recurring payments. The move is aimed at giving push to the government’s ‘Digital India’ initiative and promote electronic transactions.
Under the facility, the users of this UPI app will be able make recurring payments such as mobile bills, electricity bills, EMI payments, OTT subscriptions, insurance premium, school fee, mutual funds/SIPs etc.
Informing about this new initiative the government through Digital India twitter handle posted, “#UPIAutoPay is introduced under UPI 2.0 with the functionality designed for recurring payments. Customers can now enable recurring e-mandate using any @UPI_NPCI application for recurring payments such as mobile bills, electricity bills, EMI payments, OTT subscriptions etc.”
The tweet was retweeted by the Ministry of Electronics and Information Technoloy promptly.
Find the tweet and video below:
#UPIAutoPay is introduced under UPI 2.0 with the functionality designed for recurring payments. Customers can now enable recurring e-mandate using any @UPI_NPCI application for recurring payments such as mobile bills, electricity bills, EMI payments, OTT subscriptions etc. pic.twitter.com/dRg9YQeYMS
— Digital India (@_DigitalIndia) December 4, 2020
Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
Beside Bhim and Paytm apps, Banks such as Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IDFC Bank, Indusind Bank, Paytm Bank and State Bank Of India are listed as banks live on UPI AutoPay.
As per the National Payments Corporation of India, its live merchants are Angel Broking, CRY,Goonj, CAMS,The Hindu, PayG, Danamojo.
Features of UPI app
*Immediate money transfer through mobile device round the clock 24*7 and 365 days.
*Single mobile application for accessing different bank accounts.
*Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
*Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
*Bill Sharing with friends.
*Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
*Merchant Payment with Single Application or In-App Payments.
*Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
*Donations, Collections, Disbursements Scalable.
*Raising Complaint from Mobile App directly.
See Zee Business Live TV Streaming Below:
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