Do you have recurring payments? Here is how to setup UPI AutoPay

All of us have certain expenses that are to be taken care of on a monthly basis. These include recurring payments such as mobile bills, electricity bills, EMI payments, entertainment, OTT subscriptions, insurance, mutual funds, and loan payments, paying for transit, metro payments. 

As of now, you might be making these payments every month manually or would have setup auto debit facility on your net banking. From now now, you can also make recurring payments of up to Rs 2000 via UPI.  National Payment Corporation of India (NPCI) on Wednesday (July 22) launched fintech payment solution UPI AutoPay for recurring payments at a virtual event Global Fintech Fest. 

If the amount exceeds Rs. 2000, customers have to execute every mandate with UPI PIN.  

How to setup UPI AutoPay 

You can create e-mandate through UPI-enabled bank ID or QR Scan for transactions up to Rs 2000. For this, you have to authenticate your account through UPI PIN, which you created when you made the UPI account, for one-time and subsequent monthly payments would be debited automatically. 

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All the UPI-enabled applications have a ‘Mandate’ section, through which you can create, approve, modify, pause as well as revoke auto-debit mandate. The mandate section will allow you to view your past mandates for reference and records. 

The mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly. 

Where is the feature available?

The platforms where you can use this facility 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, Paytm, PayU, RazorPay, among others. Jio Payments Bank, State Bank of India and YES Bank will soon go live with UPI AutoPay.