Most of the payment apps in the country are set to start the Recurring Payments facility within a month. In this episode, Google-Pay (PhonePe) and PhonePe are working together with the National Payments Corporation of India (NPCI).
new Delhi. Digital payment company Google-Pay (PhonePe) and PhonePe are preparing to provide a great facility to their customers in association with National Payments Corporation of India (NPCI). With this, a large number of customers will get rid of the worry of Recurring Payments such as electricity bill, mobile bill, EMI, insurance premium.
For the convenience, customers have to choose the option of auto debit facility
Google-Pay and Phone-Pay customers have to choose the option of Auto Debit facility to use this service. A banker said that Google-Pay and Phone-Pay have started working on the recurring payments platform. Both can start this facility within a month. He told that this product is currently in the development stage. It will be tested after the product is ready. Only after this, crores of customers will be made available.
NPCI has started UPI AutoPay facility on 22 July for every month, quarterly, half yearly or yearly payment ie Recurring Payments. According to NPCI, this facility has been introduced under UPI-2.0. Under this, users will be able to make payments like any mobile bill, electricity bill, EMI payment, entertainment / OTT subscription, insurance, mutual fund, loan payment and metro card bill through any UPI app.
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Paying up to Rs 2,000 will not require repeated PIN
NPCI had said that under this new facility, UPI PIN will not be required for payment up to Rs 2,000. For this payment above, PIN will be required every time. Every UPI app will now have an e-Mandate option. By choosing this option, users will be able to approve any recurring payment. If you feel that a payment has to be stopped, then you can stop the payment by going to this option. At the same time, you can also make changes if the payment amount decreases or increases.
customers will get facility ranging from daily to annual payment.
Under the UPI Auto-Pay facility, payment will be provided on a daily, weekly, 15 days, every month, every other month, quarterly, half-yearly, yearly basis with single payment. NPCI said that it will benefit both users and businessmen. Many banks like SBI, Axis Bank, Bank of Baroda, HDFC Bank, HSBC Bank, ICICI Bank, IDFC Bank, IndusInd Bank, Paytm Payments Bank, Autopay-Delhi Metro, Autopay-Dish TV, Policy Bazaar, Paytm, Payu, RazerPay Businesses have already started this facility.
