NPCI Introduces UPI AutoPay Feature for Recurring Payments

NPCI Introduces UPI AutoPay Feature for Recurring Payments
The National Payments Corporation of India has in the present day launched UPI AutoPay. The launch announcement was made on the Global Fintech Summit which is being held nearly this yr because of the Coronavirus pandemic.

As one can deduce from the title ‘UPI AutoPay’, the characteristic permits recurring funds through UPI. This ought to assist prospects use UPI for paying for every thing from SIPs, to subscription providers. Services like YouTube Music already help UPI for funds, so you must be capable to use UPI AutoPay to pay your month-to-month subscription charges now.

Speaking on the announcement of the brand new funds characteristic, Nandan Nilekani, co-founder of Infosys stated, “We have long been planning a digital payments economy. And, now we are seeing a huge amount of digital payments, more than cash withdrawals. As we provide more and more such user friendly services like UPI AutoPay we will see more and more adoption of digital payments. This is one of the national goals to increase the proportion of digital payments and reduce the amount of cash we use in our economy.”

Organisations together with HDFC Bank, ICICI Bank, PolicyBazaar, TimesPrime, RazorPay and many others have introduced that they are going to be supporting UPI AutoPay for recurring funds together with for subscription providers, in addition to month-to-month and yearly funds.

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