AutoPay: There are many such expenses in everyday which we pay through online medium. Mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual fund and loan payments are some of the expenses that we have to pay after a regular period. You can set up AutoPay in any UPI application to pay for these expenses online. After setting up AutoPay, you will not need to make frequent payments after regular period. However, you can avail this facility only in payment of less than Rs.5,000. You need to enter your UPI PIN to make payments above Rs.5,000 through UPI AutoPay. If you want to set up AutoPay in your UPI app, here’s the process for you.
You can use the UPI Auto Pay facility on the UPI app of Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank. Apart from this, the facility of UPI AutoPay will also be launched soon in Google Pay, Amazon Prime, Acko General, SBI AMC etc.
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Steps to set up UPI AutoPay
Any UPI application has a ‘Mandate’ section. Through this, you can modify the auto-debit process as per your need or even turn it off completely. The auto-debit mandate is designed keeping in mind the payments to be made in a regular period. This mandate can be set once, daily, weekly, fortnightly, monthly, bimonthly, quarterly, half yearly and yearly. This mandate can be generated instantly and through this the payment is done automatically on the due date. As a user, you need to authenticate your account once through UPI PIN. After this, after a certain period, money will be deducted from your account and payment will be done automatically.
UPI AutoPay can be set up in the BHIM UPI app by following the steps mentioned below.
Step 1: Log in to the BHIM UPI app.
Step 2: Click on Auto Debit.
Step 3: Click on Mandate.
Step 4: Manage mandates. (create new or view previous mandates)
Step 5: Select the period of payment (Monthly / Weekly / Yearly, etc.).
Step 6: Add merchant name and select auto debit date.
Step 7: Click on Proceed.
(Article : Sunil Dhawan)