Thus, many UPI players like BHIM, PhonePe, Amazon etc. have introduced auto-pay facility where users can easily set mandates for recurring payments. Here’s a look at how BHIM UPI users can use the auto-pay facility installed on the e-mandate to make recurring payments.
“Together UPI AutopayEnable recurring e-mandate using any UPI application for recurring payments like customer mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds, and loan payments, payments for transit/metro payments can do. 5000 up to Rs. If the amount exceeds Rs 5,000, customers will have to execute every order with a UPI PIN,” the National Payments Corporation of India (NPCI) explained through a press release dated October 13, 2021.
According to the press release here are the steps to follow to set up e-mandate.
Steps for Customers
- Any UPI-enabled application will have a ‘Mandate’ section through which customers can create, modify, pause as well as revoke auto-debit mandates.
- Mandate section will allow customers to view their past mandates for their reference and records. UPI users can create e-mandate through UPI ID, QR scan or intent.
- The pattern of auto-debit mandate is designed keeping in mind the customers’ spending on recurring payments. Mandate can be set for one time, daily, weekly, fortnightly, monthly, bimonthly, quarterly, half yearly and yearly.
- Both individual users and merchants can benefit immensely from this facility, as mandates are generated instantly and payments are automatically deducted on the authorized date.
- Customers need to authenticate their account through UPI PIN once and the monthly payment will be automatically debited later.
As per NPCI press release, here’s how to set up UPI autopay on BHIM UPI app
- Login to BHIM UPI App
- Click on Auto Debit
- Click on Mandate
- Manage mandates (create new or view old mandates)
- Select payment frequency / duration (monthly / weekly / yearly, etc.)
- Add merchant name and select auto debit date
- Click on proceed
As per the press release, these are some of the banks, merchants and aggregators that are live with UPI Autopay: Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IDFC Bank, IndusInd Bank, Paytm Payments Bank, Jio Payments Bank , State Bank of India, Yes Bank, Bennett Coleman & Co Ltd, Paytm LIC India, Paytm Utility Bill Payment, Paytm Recharge / Bill Payment, Deccan Herald E-Paper, IIFL Securities, Helpage India, Cry, Bajaj Finserv, Netflix, Disney+ Hotstar, Gaana, Jio Saavn, BSE, JAR, JIO Mobility Prepaid, Policybazaar Insurance Brokers, ICICI Prudential, Satin Creditcare, BHIM, Paytm, PhonePe, Amazon Pay, IndusInd Bank App, Angel Broking, and 5paisa.com etc.
Google Pay, SonyLIV, Amazon Prime, Voot, Hungama, Zee5, BYJU’s, Acko General, Tata Power, SBI AMC, ET Prime, Upstox etc. will soon be live with UPI AUTOPAY.