NPCI Launches UPI Auto-Pay For Recurring Payments New Delhi: The National Payment Corporation of India (NPCI) on Wednesday said tha...

NPCI Launches UPI Auto-Pay For Recurring Payments

New Delhi: The National Payment Corporation of India (NPCI) on Wednesday said that it has launched the functionality of Unified Payments Interface AutoPay for recurring payments.

With this new facility, customers can now enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, OTT subscriptions, insurance, mutual funds and loan payments, paying for transit/metro payments among others of up to Rs 2,000.If the amount exceeds Rs 2,000, 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 mandate section will allow customers to view their past mandates for their reference and records.The pattern for auto debit mandate has been created keeping in mind customers’ spends on recurring payments.The mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half yearly and yearly.“The UPI AutoPay offering would provide millions of UPI user’s convenience and safety while making recurring payments,” Dilip Asbe, MD & CEO, NPCI, said in a statement.