Many organisations, including Axis Bank, Policybazaar, Razorpay, Timesprime, PayUIndia, among others will be providing the option of UPI AutoPay to its customers for recurring payments of subscriptions, monthly and yearly payments.
National Payments Corporation of India (NCPI), on Wednesday, launched its one-stop fintech payment solution- UPI AutoPay in a virtual event of Global Fintech Fest.
The feature is dedicated to recurring payments and can be used for multiple financial purposes such as utility payments, booking bus pass, train tickets, paying DTH subscriptions among others. Customers can create e-mandate through their UPI ID or QR Scan for transactions up to Rs 2000. In case of transactions above Rs 2000, the UPI PIN will be needed to authenticate the payment.
Nandan Nilekani, Co-founder and Non-Executive Chairman of the Board, Infosys, said, “This will act as an impetus to the momentum and volume of transactions that we are already seeing in UPI and allow them to reach the goal of 1 million transactions a day. We have long been planning a digital payments economy and we are now coming towards that with digital payments more than cash withdrawals. As we provide more and more such user-friendly services like UPI AutoPay we will see more and more adoption of digital payments. This is one of the national goals to increase the proportion of digital payments and reduce the amount of cash that we use in our economy.”
He added that recurring payments on UPI was a recommendation put forth by Committee of Deepening Digital Payments which he had chaired.
“UPI AutoPay opens up an entire array of applications such as setting up your favorite streaming service with a repeat mandate or taking a bus pass a train ticket travel or paying for your dth or television media subscriptions, insurance and EMI payments and mandates on UPI AutoPay can be set up on weekly, monthly or yearly basis” said Praveena Rai, COO, NPCI.
Rajnish Kumar, Chairman, State Bank of India, said the recurring payment feature was being demanded by many companies and will be a convenient solutions for customers towards their periodic payments.
Many organisations, including Axis Bank, Policybazaar, Razorpay, Timesprime, PayUIndia, among others will be providing the option of UPI AutoPay to its customers for recurring payments of subscriptions, utility bills, insurance payments, among others on weekly, monthly or yearly basis.
Source: The Economic Times