National Payments Corporation of India (NPCI) has launched the UPI AutoPay feature for recurring payments. The UPI AutoPay feature can be used for recurring payments like mobile bills, electricity bills, EMI payments OTT subscriptions, and many others.
Customers can create an e-mandate through their UPI ID for cyclical transactions up to Rs 2000. For transactions above Rs. 2000, they will also require UPI PIN to complete the transactions.
All UPI enabled apps will have a ‘Mandate’ section, that lets users create, approve, modify, pause, and revoke auto-debit mandate. Users can set the time limit as daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, yearly, and one-time for the transactions. Once the feature will be enabled the amount equivalent to the service or bill will auto-debit from your account. For instance, you created an e-mandate for Netflix’s monthly subscription that costs Rs. 6,99 then every month Rs. 699 will be auto-debit from your account.
Almost all major banks in India including Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IDFC Bank, IndusInd Bank, Yes Bank supports UPI.
In 2019, Unified Payment Interface (UPI) was the most preferred payment mode in terms of volume in India. Last year, it hits record 10.8 billion transactions.