Now never miss to pay your bills on time, set a recurring payment easily via Unified Payments Interface (UPI). Under the UPI 2.0, National Payment Corporation of India (NPCI), the umbrella organisation for operating retail payments and settlement systems in India has launched UPI AutoPay for recurring payments.
With UPI AutoPay you could use any BHIM UPI apps to enable recurring e-mandate for recurring payments like for your mobile bills, Electricity bills, landline bills, OTT subscriptions, insurance, mutual funds, EMI payments etc. You could set a recurring e-mandate for an amount of up to Rs 2000. For any recurring payments above Rs 2000, you need to authorise every mandate with your UPI PIN. UPI apps will notify you at the right time to execute these mandates.
Once the UPI AutoPay feature gets added to all popular BHIM UPI apps, you could start using it under the new ‘Mandate’ section. There you could create, approve, modify, pause, and if needed, revoke a recurring e-mandate. It would also have the entire history or log of your past e-mandates.
That said both individual users and merchants could use the UPI AutoPay feature to ease recurring payments. As an individual, you could create an auto-debit mandate through UPI ID, QR scan, or intent. For example, you could create a recurring e-mandate via UPI AutoPay for BSNL landline bill payment each month at 10th. So, on the 10th of each month money will be debited from your bank account automatically to pay the BSNL landline bill.
The UPI recurring e-mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly and yearly. Once recurring payment is set via UPI AutoPay by the user, the amount will be auto-debited from his/her savings/current account at the set date. For amounts less than Rs 2000, you only need to authenticate the transaction once via UPI PIN, and subsequent monthly or yearly payments would be debited automatically.
How to enable recurring payments via UPI apps
- Open your favourite BHIM UPI apps like Paytm, PhonePe, Google Pay etc. Or, visit any merchant site like PolicyBazaar, Furlenco, Times Prime etc.
- Select the ‘Mandate’ section in these apps (or while checkout in merchant sites).
- You can create a recurring e-mandate through UPI ID, QR code scan or Intent.
- UPI recurring e-mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly and yearly.
- Authenticate your UPI AutoPay recurring e-mandate through UPI PIN.
- For recurring payments of less than Rs 2000 you only need to authenticate your account through UPI PIN once. Subsequent monthly payments would be debited automatically from your account without any further action.
- For recurring payments of more than Rs 2000, you need to execute every mandate with UPI PIN. BHIM UPI apps would help you in keeping track of the recurring e-mandates, notifying about any recurring payments and any action you need to take.
You can use UPI AutoPay to set recurring e-mandates for recurring payments like mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds and loan payments, paying for transit/metro payments among others.
The UPI AutoPay features are currently going live with a few banks, merchants and aggregators. These include 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, Furlenco, Growfitter, Policy Bazaar, Testbook.com, The Hindu, Times Prime, Paytm, PayU and RazorPay.
So, if you’re missing UPI AutoPay in your BHIM UPI app, bank ‘s UPI section or merchants then wait for some more days or try to update the respective apps.
As we first said, the UPI AutoPay facility has bee launched under the UPI 2.0. It currently offers features such as overdraft facility, one-time mandate, invoice in the inbox and signed intent, QR and foreign inward remittance among others to push adoption of digital payments.