GPay, PhonePe: Big news for UPI users. In today’s world, people are increasingly using various subscription services that involve monthly or yearly payments. However, it can be challenging to remember and manage the payment dates for all these services, leading to instances where users forget to pay, resulting in service disruptions.
To address this issue, the National Payments Corporation of India (NPCI) introduced the UPI Autopay feature in 2020. This feature allows users to set up e-mandates for recurring payments such as mobile bills, electricity bills, EMI payments, OTT subscriptions, insurance premiums, and mutual funds through any UPI app of their choice. Here is a detailed overview of UPI Autopay mandates and recurring payments, outlining their advantages and how to configure them using Google Pay and PhonePe.
Benefits of implementing UPI Autopay for consumers and businesses:
Setting up a UPI Autopay mandate for recurring payments offers numerous advantages. For consumers, it helps prevent late fees and penalties by ensuring timely payments. It provides a secure and convenient method for managing recurring payments, eliminating the need for manual payments each month or year as transactions are automatically processed as scheduled.
Similarly, businesses benefit from the ease of receiving timely payments and streamlining payment management with customers. It’s important to note that UPI enables users to establish autopay for credit card bills, mutual funds, and insurance, with limits of up to Rs 100,000. Users can easily modify, cancel, pause, or resume autopay directly within the UPI app. This eliminates the need for documentation or paperwork when setting up autopay.
Moreover, users receive a pre-debit notification (PDN) at least 24 hours before the autopay transaction, providing advance notice of the impending deduction from their account. For businesses, integrating autopay simplifies receiving payments on time, enabling enhanced service delivery, increased customer satisfaction, and long-term customer loyalty.
How to set up Autopay Mandate for recurring payments on Google Pay:
Launch Google Pay on your mobile device.
Select your profile picture located at the top right of the screen.
Click on the ‘Autopay’ option to access that section.
In the Pending section, you’ll find Autopay mandates for various services. To activate Autopay for a specific service, choose the relevant mandate.
Tap on the Accept button to confirm the setup of Autopay.
If you wish to decline setting up Autopay for a particular mandate, select ‘Decline’.
Enter your UPI PIN to finalize your decision.
Your Autopay Mandate will be activated after this process.
How to set up Autopay Mandate for recurring payments on PhonePe:
Open the PhonePe app on your device.
Tap on your profile photo at the top left corner of the screen.
Navigate to the ‘Payment Settings’ section.
Select the ‘Autopay’ option.
Choose the mandate for which you want to enable Autopay on the subsequent page.
After accepting the Autopay request, you’ll be prompted to enter your UPI PIN for verification.
Once you input the UPI PIN, your PhonePe Autopay Mandate will be activated, and future payments will be processed automatically at the designated time.