New Delhi The National Payment Corporation of India (NPCI) has launched the Auto Pay facility on Unified Payment Interface (UPI) to make online payment easier. This will save people from the process of making repeated payments. However, for payment of up to Rs 2000, auto mandate will have to be given only once, whereas for payment of more than Rs 2000, UPI PIN will be required. Without this payment will not be made.
Agreement with these banks
NPCI has offered Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IDFC Bank, IndusInd Bank, Paytm Payments Bank, Autopay-Delhi Metro, Autopay-Dish TV, CAMS Pay, Furlenko, Grofito, Policy Bazaar, Testbook. Comi, Paytm, PayU, RazerPay and others have started UPI Autopay. YES Bank, State Bank of India and Jio Payments Bank will soon introduce UPI AutoPay.
This way you can set autopay
Autopay can be set daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly and annually. Under UPI AutoPay, the amount decided by the customer will be automatically deducted. For this, customers have to make e-mandate. This work can be done by scanning the UPI ID and QR code.
UPI AutoPay works on the same system in the same way that a certain amount is deducted from your account every month when you buy goods on EMI with a debit or credit card. UPI AutoPay can be used for mobile recharge, mutual funds, loans, metro card payments, insurance and online transactions.
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