Set your recurring payments on Bhim app with UPI autopay
New Delhi: In good news for regular users of Unified Payments Interface (UPI), the Ministry of Electronics and Information Technology recently introduced UPI autopay for recurring payments to make utility bill payments eve =n more convenient. The move is aimed at giving a push to the government’s ‘Digital India’ initiative and promote electronic transactions.
Under the facility, the users of UPI app will be able to 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 tweeted, “#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.”
With UPI AutoPay, EMI payments (loan, insurance, Mutual Fund) can be done without out missing the due dates and without setting reminders. Customized payment options (like monthly, quarterly etc) and amounts ( Rs 1 to Rs 2000+) for each and every customer is available in UPI recurring mandates. Different plans (customization) can be subscribed over UPI. Mandates can be created for activating single channels/Bulk plans. Buy now and pay later facility can be availed through UPI AutoPay.
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.
For the uninitiated, Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties’ bank accounts. It is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing & merchant payments into one hood.
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