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 Ind
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.