According to Inc42, the National Payments Corporation of India launched the UPI AutoPay to meet the increasing demand for introducing a UPI feature for recurring payments.
Therefore, consumers can benefit from the feature by allowing UPI as the payment method, while making an online transaction. Afterwards, they can set up a UPI AutoPay mandate or e-mandate by putting details such as the amount to be debited for every recurring transaction, the date of the transaction, and the frequency. Besides, consumers will also get a notification at least 24 hours before the account gets debited, as is the norm with e-mandates.
Moreover, users can use the auto-pay feature to set an e-mandate on the UPI platform for recurring payments of up to INR 2,000. Regarding recurring payments of an amount that exceeds INR 2,000, the customer must insert their UPI PIN for each subsequent transaction. UPI users can create e-mandates through UPI ID, QR scan, or Intent, while the mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly.
Furthermore, some of the country’s major banks, merchants, and aggregators, such as Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, and ICICI Bank – among several others – have already gone live with UPI AutoPay, Inc42 reported.