After the new rule implemented by RBI, many UPI based platforms have started the facility of auto pay. Using the facility of Auto Pay, customers can make recurring payments up to Rs.5000.
The Reserve Bank of India (RBI)’s new rule regarding auto debit Additional Factor of Authentication (AFA) has come into effect from October 1. According to this new rule, now OTT platforms or other such platforms will not be able to deduct money through auto debit for their subscription or bill without asking customers.
Once this new rule of RBI is implemented, customers through UPI AUTOPAY can make recurring payments like mobile bills, electricity bills, EMI payments, membership of OTT platforms, insurance, mutual funds, EMI of loans and any UPI for metro payments. One can do recurring e-mandate of Rs.5000 using the application.
According to a press release issued by the National Payments Corporation of India (NPCI) on October 3, if the auto debit amount is more than Rs 5,000, then customers will have to give their approval on email or message for each payment along with the UPI PIN. .
After this rule, many UPI based platforms have started the facility of auto pay. Using the facility of Auto Pay, customers can make recurring payments up to Rs.5000.
How to do Auto Pay through UPI
First of all, you have to go to the ‘mandate’ option of any of your UPI applications. Through this you can approve, change or even cancel the auto debit. Apart from this, you can also get information about your past payments on this section.
Apart from this, you can also set the e-mandate on daily, week, month, two months, three months or yearly basis through this. Your mandate will be generated immediately and payment will be deducted on the due date. You will also need to authenticate your account using your UPI PIN.
How to set auto pay on BHIM UPI
- First of all, you have to open the BHIM UPI app and go to the option of auto debit on it.
- Select the Mandate option.
- Select its Manage Mandate option.
- Set the payment by daily, weekly or monthly
- Select the date of merchant and auto debit
- Click on Proceed
