SBI, HDFC Bank, YES Bank, Bank of Baroda and others are unrecorded with UPI-Auto Pay feature
The Reserve Bank of India's new auto-debit regularisation connected Additional Factor of Authentication (AFA), has been made applicable from October 1. With the UPI Auto-Pay facility, customers tin use any UPI exertion for recurring payments specified arsenic energy bills, EMI payments, insurance, mobile bills, communal funds, among others, upto Rs. 5000.
As per details shared by the National Payments Corporation of India (NPCI), here's a step-by-step usher connected however to setup BHIM UPI Auto-Pay installation to marque recurring payments:
- Any UPI-enabled exertion will have a ‘mandate' section, done which customers tin create, modify, intermission and revoke the auto-debit mandate.
- The mandate conception volition let customers to presumption their past mandates. UPI users tin make e-mandate done the UPI ID, QR scan, oregon intent.
- The signifier for the auto-debit mandate is created according to customers' spends connected recurring payments. The mandates tin beryllium acceptable for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly.
- The mandates are generated instantly and payments get deducted automatically connected the authorized date.
- Customers person to authenticate the account done UPI PIN one-time and the consequent monthly payments will be debited automatically.
Setting up UPI Auto-Pay in the BHIM UPI App:
- Login to the BHIM UPI App
- Click connected Auto Debit
- Click connected the mandate
- Manage the mandate - make caller oregon presumption past mandates
- Select the outgo frequence - monthly / play / annually, etc
- Add the sanction of the merchant and prime the car debit date
- Click connected Proceed
Some of the banks, merchants, and aggregators who are unrecorded with UPI Auto-Pay are Bank of Baroda, Axis Bank, HSBC Bank, HDFC Bank, IDFC Bank, ICICI Bank, IndusInd Bank, Jio Payments Bank, Paytm Payments Bank, State Bank of India, YES BANK, and fewer others.