{"id":8282,"date":"2020-07-22T11:55:10","date_gmt":"2020-07-22T11:55:10","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=8282"},"modified":"2020-07-22T11:55:10","modified_gmt":"2020-07-22T11:55:10","slug":"npci-launches-upi-autopay-for-recurring-payments-bfsi-news-et-bfsi","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=8282","title":{"rendered":"NPCI launches UPI AutoPay for recurring payments, BFSI News, ET BFSI"},"content":{"rendered":"

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India\u2019s retail payment body, National Payment Corporation of India (NPCI<\/a>) has introduced recurring payments<\/a> on Unified Payments Interface (UPI<\/a>) \u2018UPI AutoPay<\/a>\u2019.<\/p>\n

Customers can set e-mandate for transactions upto Rs 2000. Over and above that customers will have to authenticate the transaction with UPI PIN.<\/p>\n

These recurring payments can be used across services like mobile bills, electricity bills, EMI payments, OTT subscriptions, insurance, mutual fund, transit payments etc.<\/p>\n

NPCI said, \u201cThe mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half yearly and yearly.\u201d<\/p>\n

It added, \u201cSome of the banks, merchants and aggregators who have already gone live with UPI AutoPay are 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, among others. Jio Payments Bank, State Bank of India and YES Bank will soon go live with UPI AutoPay.\u201d <\/p>\n

Nandan Nilekani<\/a> Chairman and Co-Founder, Infosys Limited said, \u201cUPI being the one stop destination for customers\u2019 day-to-day spends, acts as a backbone of digital India. Introducing UPI AutoPay on UPI is a testament of continuous innovation in the digital payments space.\u201d<\/p>\n

Dilip Asbe<\/a>, MD & CEO, NPCI said, \u201cThe launch of UPI AutoPay is a step ahead in India\u2019s 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\u2019s convenience and safety while making recurring payments. <\/p>\n

Asbe adds, \u201cWe 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\u201d.<\/p>\n<\/div>\n