by Suman Gupta
All you need to know
All of us have certain expenses that are to be taken care of every month. With UPI AUTOPAY, customers can enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds, and loan payments, paying for transit/metro payments among others of upto Rs. 5000. If the amount exceeds Rs. 5000, customers have to execute every mandate with UPI PIN.
Steps for customers:
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Any UPI-enabled application would have a ‘Mandate’ section, through which customers can create, modify, pause as well as revoke auto-debit mandate.
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The mandate section will allow customers to view their past mandates for their reference and records. UPI users can create e-mandate through UPI ID, QR scan, or Intent.
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The pattern for auto-debit mandate has been created keeping in mind customers’ spends on recurring payments. The mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly.
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Both, individual users and merchants can benefit from this feature tremendously, as mandates are generated instantly and payments get deducted automatically on the authorized date.
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The customers have to authenticate their account through UPI PIN one-time and subsequent monthly payments would be debited automatically.
Illustrative example of setting up UPI AUTOPAY in BHIM UPI App:
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Login to BHIM UPI App
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Click on Auto Debit
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Click on Mandate
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Manage mandate (create new or view past mandates)
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Select payment frequency / period (monthly / weekly / annually, etc)
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Add name of the merchant and select auto debit date
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Click on Proceed
Some of the banks, merchants, and aggregators who are live with UPI AUTOPAY are Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IDFC Bank, IndusInd Bank, Paytm Payments Bank, Jio Payments Bank, State Bank of India, YES BANK, Bennett Coleman and Co Ltd, Paytm LIC India, Paytm utility bill payment, Paytm recharge/bill payment, Deccan Herald e-paper, IIFL securities, Helpage India, CRY, Bajaj Finserve, Netflix, Disney+ Hotstar, Gaana, Jio Saavn, BSE, JAR, JIO mobility prepaid, Policybazaar insurance brokers, ICICI Prudential, Satin Creditcare, BHIM, Paytm, PhonePe, Amazon Pay, IndusInd Bank App, Angel Broking, and 5paisa.com among others.