With the UPI autopay feature, a user can set recurring payments for phone and electricity bills, EMI payments, mutual funds, and insurance premium.
For the users of Unified Payments Interface (UPI), the Ministry of Electronics and Information Technology has now enabled the autopay service and made it easier for them to opt for recurring payments.
Seen to be promoting the Digital India mission of the government, it would promote electronic transactions in the country.
As part of this service, the users of the UPI app can set recurring payments for such expenses as mobile and electricity bills, insurance premium, Over-the-top (OTT) media subscriptions, school fees, mutual funds, and Equated Monthly Installment (EMI) payments.
"#UPIAutoPay is introduced under UPI 2.0 with the functionality designed for recurring payments. Customers can now enable recurring e-mandate using any @UPI_NPCI application for recurring payments such as mobile bills, electricity bills, EMI payments, OTT subscriptions etc," the government introduced it in a tweet through Digital India's Twitter handle.
It was retweeted by the Ministry of Electronics and Information Technology as well.
UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI), which enables inter-bank transactions. It provides multiple banking features and merchant payments, while also giving the option for peer-to-peer collect requests. These payments can be scheduled as per a user's need and convenience.
UPI allows money transfers 24 hours a day and seven days a week. It has become popular over the years as it allows seamless single click payments and helps in overcoming the hassle of going to the ATM and having an exact amount of change for transactions.
The UPI is used popularly for over the counter payments, barcode scan payments, and utility bill payments.
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