UPI AutoPay feature was launched by National Payments Corporation of India on Wednesday during the Global Fintech Fest held online via video conference.
The UPI AutoPay feature will help users to make recurring payment automatically using UPI payment method on specific assigned dates. This facilities will help user to pay their utilities bill such as gas, electricity, phone and any other recurring payment automatically.
Nandan Nilekani, Co-founder and Non-Executive Chairman of the Board, Infosys, said, “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 that we use in our economy.”
The AutoPay feature was announced immediately via a tweet by Razorpay after the NPCI announcement.
Introducing #UPIAutoPay on Razorpay Subscriptions! Allow your customers to set up recurring payments using just their UPI App.
🚀 Reach customers who prefer UPI
📈 Make your offering more affordable
🤝 Improve brand trust
— Razorpay (@Razorpay) July 22, 2020
Even the Insurance aggregator information portal Policy Bazaar announced the AutoPay feature via a tweet.
— Arushi Chawla (@ChawlaArushi) July 22, 2020
More fintech company and banks will bring the AutoPay feature to it UPI enabled payment method. UPI earlier only has payment to be sent manual. NPCI is also working on UPI 3.0 which will facilitate cross border payment between India and UAE using UPI.