If you want to set up UPI AutoPay for your recurring payments, right here is a stepwise procedure for you. If there are expenditures that you have to meet on a standard basis, setting up UPI AutoPay will be of support. With UPI AutoPay, you can allow recurring e-mandate employing any UPI application for recurring payments such as mobile bills, electrical energy bills, EMI payments, entertainment/OTT subscriptions, insurance coverage, mutual funds, and loan payments, paying for metro payments, amongst other individuals, of up to Rs 5000. If the quantity exceeds Rs 5000, you have to execute each and 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 amongst other individuals. Google Pay, Amazon Prime, Acko General, SBI AMC and so forth will quickly go live with UPI AutoPay.
UPI AutoPay – Setting Up
Any UPI-enabled application would have a ‘Mandate’ section, by means of which you can develop, modify, pause as effectively as revoke auto-debit mandate.
The mandate section will enable you to view the previous mandates for your reference and records. UPI customers can develop e-mandate by means of UPI ID, QR scan.
The pattern for auto-debit mandate has been made maintaining in thoughts one’s spends on recurring payments. The mandates can be set for one-time, everyday, weekly, fortnightly, month-to-month, bi-month-to-month, quarterly, half-yearly, and yearly.
The mandates are generated immediately and payments get deducted automatically on the authorized date.
As a user you will have to authenticate your account by means of UPI PIN one-time and subsequent regualr payments would be debited automatically.
UPI AutoPay stepwise procedure 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 (develop new or view previous mandates)
Step 5: Select payment frequency / period (month-to-month / weekly / annually, and so forth)
Step 6: Add name of the merchant and pick auto debit date
Step 7: Click on Proceed