NPCI launches UPI AutoPay: Fintech payment solution for recurring payments
National Payments Corporation of India (NPCI) has launched UPI AutoPay, a one-stop fintech payment solution dedicated to recurring payments. It can be used for multiple financial purposes such as utility payments, train tickets, booking bus pass and paying DTH subscriptions, among others.
Praveen Rai, COO, NPCI, said UPI AutoPay would open up an array of applications such as setting up your favourite streaming service with a repeat mandate, or taking a bus pass a train ticket travel, or paying for DTH or television media subscriptions. Rai said all these and more could be set up on a weekly, monthly or annual basis.
Nandan Nilekani, Co-founder and Non-Executive Chairman of the Board Infosys, said user-friendly services like UPI AutoPay would prompt more people to adopt digital payments. He said it would act as an impetus to the momentum and volume of transactions. “This is one of the national goals to increase the proportion of digital payments and reduce the amount of cash that we use in our economy,” Nilekani said.
SBI Chairman Rajnish Kumar said there had been a noted demand for recurring payment feature and UPI AutoPay will be a convenient solution for customers towards their periodic payments.
Moreover, users can create e-mandate through their UPI ID or QR Scan for transactions up to Rs 2,000. For transactions over Rs 2,000, UPI pin will be needed to authenticate the payment.
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