New Delhi | Jagran Business Desk: In order to ensure the security of digital payments, the Reserve Bank of India (RBI) earlier this month implemented the new auto-debit rules. With RBI's new rule, OTT platforms and other such services, which needed recurring payments, will no longer be able to deduct money for the renewal of subscription through auto-debit or without asking the customers. However, many UPI-based platforms such as BHIM, PhonePe, GooglePay, AmazonPay, have offered its customers the facility of auto-pay, where customers can make recurring payments of up to Rs. 5,000 without any hassle.
"With UPI AUTOPAY, customers can enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds, and loan payments, paying for transit/metro payments among others of up to Rs 5000. If the amount exceeds Rs 5,000, customers have to execute every mandate with UPI PIN," the National Payments Corporation of India (NPCI) explained via a press release issued on October 13, 2021.
Here’s how you can use the auto payment facility to make recurring payments
In the UPI application, the customer will find the option of ‘mandate’ which will help them to approve, change or even cancel the auto-debit. Not only that, customers can also get information about their past payments. The mandate section in the UPI application also provide the customer an opportunity to set the e-mandate on a daily, week, month, two months, three months, or yearly basis. The mandate will be generated immediately, and payment will be deducted on the due date. Apart from that, customers have to authenticate the accounting using their UPI PIN.
Here’s how you can set auto pay on BHIM UPI
Step 1: Open the BHIM UPI app and tap on the option of auto-debit on it.
Step 2: Now, select the mandate option
Step 3: Now, select the manage mandate option
Step 4: Once done, the customer has to manage the payment option according to their choice -- daily, weekly or monthly
Step 5: Select the date of merchant and auto-debit -- click on proceed
Posted By: Mallika Mehzabeen