Know What is UPI Auto Pay? How it Works and How to Make UPI Auto Payment?
In today’s fast-paced life, it is necessary to do many important tasks like payment of electricity bills, EMI payments, insurance premiums etc. on time. But due to some reason some work gets left out. However, for this type of payment, you can do it through UPI. According to the convenience of the people, the UPI Auto Pay feature has been launched by the National Payments Corporation of India.
With the help of this feature, you can set your various types of monthly payments on a specified date and time and make automatic payments i.e. the amount fixed by you through Auto Pay will be automatically deducted. What is UPI Autopay? Along with giving information about this, here you are being provided information about how to make UPI Autopay Payment and what is the UPI Autopay Limit.
What is UPI Auto Pay?
UPI Auto Pay is one such service launched by NCPI, through which you can pay for all those necessary tasks, for which you have to pay again and again. This facility has been started by National Payments under UPI 2.0, with the help of which UPI customers will be able to pay their bills every month without forgetting. However, under this facility, any customer can pay only up to Rs 5000 without UPI PIN. If the payment amount is more than 2 thousand, then they have to enter the UPI PIN for the same.
According to NPCI, to use this feature, consumers need to set the e-mandate only once. After activating this option, you can allow any recurring deposit. If you want to drop any payment, then you can drop the recurring payment by going to the option. Apart from this, you can change it when the payment amount increases or decreases.
What is recurring payment?
Recurring payment is called recurring payment in Hindi. There are many such important tasks in our daily life, which we need to do on a fixed date. Any such service or product which we buy repeatedly for our use and have to pay for it again and again is called recurring payment or recurring payment.
UPI Auto Pay provides the option of making this recurring payment automatic, so that we do not need to remember the last date for making the payment. However, for payment of less than Rs 2,000, the consumer will have to authenticate his bank account only once with his UPI PIN. After this, payments of less than 5 thousand per month will be done automatically.
UPI Auto Pay Limit:
If you are using auto debit facility for some fixed expenses every month, then for your information, let us tell you that this facility has now ended and now direct money will be deducted from your bank account for recurring payment. Instead, the bank has to take permission from you in this regard. For your information, let us tell you that this new rule on auto debit has been implemented by RBI from October 1.
Reserve Bank of India has implemented Additional Factor of Authentication (AFA) for this. Actually, this rule has been implemented by RBI with the aim of providing additional security to the customers. At present, the bank has to take your permission before deducting money from your bank account. For this, a message will be sent to you by the bank, which will be paid after you approve.
If we talk about the UPI auto pay limit, then according to the press release issued by the National Payments Corporation of India (NPCI), now a consumer can e-mandate the recurring payment of up to five thousand rupees through UPI. Is. In simple words, up to Rs 5000 can be paid through UPI Auto Pay. If this amount is more than 5 thousand then you will have to approve through UPI PIN for each transaction.
Benefit from UPI Auto Pay:
- With the UPI Auto-Pay feature, you can make your recurring payments using any UPI app.
- With UPI Auto-Pay, you can avoid late charges by making timely payments.
- Your credit score improves when you make the payment on a stipulated time and date.
- For any type of payment, you do not need to remember it after setting the automatic mode of payment only once.
How to make UPI Auto Pay Payment?
You can use any UPI application like BHIM UPI app to make UPI Auto Pay payment as per your convenience. There is a ‘Mandate’ section available in every UPI application, through which you can set for Daily, Weekly, Monthly, etc. The most important thing is that you can generate it instantly and you can make the payment on a due date. The steps to set up the UPI auto pay system are as follows –
- First of all you have to download a UPI Auto Pay app in your phone. You can download this app any where you want. As we are giving you information about making payment from BHIM UPI app here.
- Log in by opening the BHIM UPI app.
- Now you have to click on the option of Auto Debit.
- After this you have to click on the option address of Mandate.
- Now you have to manage mandates, whether you want to create new ones or view previous mandates.
- Select Payment Time Monthly, Weekly or Annually.
- Add merchant name and select auto debit date.
- At the very last you have to click on Proceed.