UPI AutoPay facility for recurring payment has been launched by the National Payment Corporation of India (NPCI). The new facility will enable recurring e-mandate with the help of any Unified Payments Interface (UPI) application for recurring payments like mobile bills, electricity bills, EMI payments etc upto Rs. 2000. For the amount exceeding Rs. 2000, the customer has to execute every mandate with UPI PIN. UPI users will be able to create e-mandate through UPI ID, QR scan or Intent.
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Customers will also be able to create, approve, modify, pause as well as revoke auto debit mandate from the ‘Mandate’ section of the UPI-enabled application. For their reference and records, customers would also be having the option of viewing their past mandates. Customer can set the mandate for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half yearly and yearly.
Important takeaways for all competitive exams:
- MD & CEO of National Payment Corporation of India: Dilip Asbe.