NPCI launches UPI AutoPay for recurring payments
UPI AutoPay goes live on major banking, payments and merchants apps
UPI AutoPay lets you enable recurring payments upto Rs 2,000
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NPCI (National Payment Corporation of India) has launched UPI AutoPay for recurring payments up to Rs 2,000. With the new feature, users can use any UPI app to enable recurring payments for their mobile and electricity bills, app subscriptions, loan payments, insurance and mutual funds. As long as the transactions are under Rs 2,000, users can enable UPI AutoPay to automatically pre-authorise a transaction.
UPI payments recorded as many as 1.34 billion volume transactions amounting to over Rs 2.62 lakh crores in the month of June 2020 with a steady growth rate of 8.94 percent. It only lends credence to the popularity that UPI payments have gained since its launch in 2016. The new AutoPay feature will let users enable auto-debit for any recurring payments done online and if the payment amount is over Rs 2,000, the user will have to pre-approve every transaction with their UPI Pin.
Major banks and subscription services have already deployed the UPI AutoPay feature on their banking and payments apps. These include banks, merchants and payment aggregators including 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, The Hindu, Times Prime, Paytm, PayU, RazorPay and more.
UPI AutoPay feature is being tested by State Bank of India, Jio Payments Bank and Yes Bank for implementation in their respective apps and is expected to go live in the coming weeks.
Dilip Asbe, MD and CEO of NPCI said, “The launch of UPI AutoPay is a step ahead in India’s journey towards digitization. We have been witnessing a lot of changes in the way customers are making recurring payments over the last few years. The UPI AutoPay offering would provide millions of UPI user’s convenience and safety while making recurring payments. We believe this facility will not only benefit customers but also merchants with an all new recurring payments experience. We also hope to achieve new milestones by expanding UPI's presence especially in the P2M payment space”.
The supported UPI apps will have a dedicated UPI AutoPay section where users can create, approve, modify, pause and remove pre-approved payments. Any user can use the AutoPay feature to set recurring payments to one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly and annual for deductions. UPI AutoPay only requires your UPI Pin once for authentication and the subsequent payments are auto-debited.
Recurring payments isn’t something new as it is offered by other payment apps like Paytm but considering the wider adoption of UPI in India, the AutoPay feature is likely to attract many more users and merchants who offer subscription-based services.
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