NPCI Autopay UPI an Important Milestone: Nandan Nilekani
The National Payment Corporation of India (NPCI) launched the UPI Autopay functionality for recurring payments using UPI applications.
The new UPI facility was launched by Nandan Nilekani, co-founder and Non-executive Chairman of Infosys and former Chairman, Unique Identification Authority of India (UIDAI)said that UPI AutoPay was one of the recommendations put forth by a RBI committee on Deepening of Digital Payments chaired by him that is finally being implemented.
AutoPay that targets the middle-class income groups in the country, enables recurring payments like mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds and loan payments, paying for transit/metro payments among others of up to Rs 2000.
The customers have the mandate to go for auto-debit option using AutoPay facility and for the payments higher than Rs 2000 customers will have to authorize by using UPI pin.
Among various enterprises/ financial institutions adopting 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.