UPI launches auto pay feature, now itself will be paid up to Rs 2000
This feature will allow you to enter UPI PIN on UPI platform without paying up to Rs 2000.
Payment from UPI – Unified Payments Interface is UPI official app. It is currently associated with thirty banks. You can register your number in UPI and connect directly with your bank and make transactions.
National Payments Corporation of India i.e. NPCI has launched the UPI Autopay feature. This feature will allow you to enter UPI PIN on UPI platform without paying up to Rs 2000. For this, the customer has to set the e-mandate only once. According to NPCI, customers will now be able to automate up to Rs 2000 in recurring payments such as mobile bills, electricity bills, EMI payments, entertainment, OTT subscriptions, insurance, mutual funds and loan payments using the UPI application. UPI PIN has to be entered for payments above Rs 2000.
Auto debit facility
UPI Auto Pay feature will have auto debit account for regular payment. Customer can choose this option. There will be a mandate section through which the customer can create, approve, modify or pause the auto debit section or even remove it. For payment of less than two thousand rupees, the customer now has to authenticate his account only once with his UPI PIN. After this, payments up to 2000 rupees will be made automatically every month. No UPI PIN will be required for this. But for payments above 2000 rupees, UPI pin will have to be entered.
UPI auto pay feature launched for many banks and companies
NPCI has offered Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IndusInd Bank, Paytm Payments Bank, Auto-Pay Delhi Metro, Auto Pay-Dish TV, CAMS Pay, Furlanko, Grofitter, Policy Bazaar, Testbook.com , UPI Auto Pay has started for The Hindu, Times Prime, Paytm, Payu, Razor Pay. Yes Bank, State Bank of India and Jio Payments Bank will soon start UPI Auto Pay. With this, UPI customers will be able to forget their bills every month without forgetting.
UPI has become a very popular option for digital transactions in India. According to the India Digital Payments Report 2019, a transaction of Rs 18,36,000 crore was done through UPI last year. This is 214 percent more than in 2018. After coming into existence in August 2016, UPI is the first product to cross one billion transactions in a month in 2019.
