If you want to setup UPI AutoPay for your recurring payments, here's all you need to know.
If you want to set up UPI AutoPay for your recurring payments, here is a stepwise process for you. If there are expenses that you have to meet on a regular basis, setting up UPI AutoPay will be of help. With UPI AutoPay, you 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 metro payments, among others, of up to Rs 5000. If the amount exceeds Rs 5000, you have to execute every mandate with UPI PIN.
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 among others. Google Pay, Amazon Prime, Acko General, SBI AMC etc will soon go live with UPI AutoPay.
UPI AutoPay – Setting Up
Any UPI-enabled application would have a ‘Mandate’ section, through which you can create, modify, pause as well as revoke auto-debit mandate.
The mandate section will allow you to view the past mandates for your reference and records. UPI users can create e-mandate through UPI ID, QR scan.
The pattern for auto-debit mandate has been created keeping in mind one’s spends on recurring payments. The mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and yearly.
The mandates are generated instantly and payments get deducted automatically on the authorized date.
As a user you will have to authenticate your account through UPI PIN one-time and subsequent regualr payments would be debited automatically.
UPI AutoPay stepwise process in BHIM UPI App
Step 1: Login to BHIM UPI App
Step 2: Click on Auto Debit
Step 3: Click on Mandate
Step 4: Manage mandate (create new or view past mandates)
Step 5: Select payment frequency / period (monthly / weekly / annually, etc)
Step 6: Add name of the merchant and select auto debit date
Step 7: Click on Proceed