UPI AutoPay: Pay Recurring Payments Of Netflix, Mobile, Insurance With UPI Without Password!
This can be described as UPI’s biggest push till date, to make the transactions easier, and seamless.
Govt of India backed UPI has now launched UPI AutoPay, which enables UPI users to pay recurring payments, without any password.
How does it help the end-users?
UPI AutoPay Launched
During the Global FinTech virtual event, National Payments Corporation of India (NPCI) has launched the much-awaited AutoPay feature of UPI.
Using this feature, UPI users from any bank can now schedule recurring payments for their services, without any password.
Till auto-transactions upto Rs 2000, there will be no password requirement.
NPCI now aims to breach the 1 million per transactions using this new feature.
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.”
The Committee of Deepening Digital Payments had recommended the auto-pay feature for UPI users, and Nandan Nilekani was part of that committee.
How It Will Help Users?
Most of the recurring payments for OTT platforms, mobile bills, DTH and more are less than Rs 2000, and for them, there will be no requirement for any password, and the payments will be auomated.
For instance, UPI users can now set the recurring payment for Netflix, Amazon Prime, Hotstar etc via autopay feature of UPI, and the billing will be done automatically.
Buying pass for trains, buses, paying mobile postpaid bills, DTH, insurance premiums, gas connection etc can be easily done with this new feature.
Besides, the autopay feature can be set for weekly, monthly or yearly basis.
Praveena Rai, COO, NPCI confirmed this development, as he said, “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”
Some of the leading payment platforms such as Paytm, Axis Bank, Policybazaar, Razorpay, Timesprime, PayUIndia etc will be providing this auto-pay feature from UPI.
We will keep you updated, as more details come in.