National Payments Corporation of India (NCPI), on Wednesday, launched its one-stop fintech payment solution- UPI AutoPay in a virtual event of Global Fintech Fest.
The feature is dedicated to recurring payments and can be used for multiple financial purposes such as utility payments, booking bus pass, train tickets, paying DTH subscriptions among others.
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.”
He added that recurring payments on UPI was a recommendation put forth by Committee of Deepening Digital Payments which he had chaired and the aim was to reach 1 billion transactions a day on UPI.
“UPI AutoPay opens up an entire array of applications such as setting up your favorite streaming service with a repeat mandate or taking a bus pass a train ticket travel or paying for your dth or television media subscriptions, insurance and EMI payments and mandates on UPI AutoPay can be set up on weekly, monthly or yearly basis” said Praveena Rai, COO, NPCI.
Many organisations, including Axis Bank, Policybazaar, Razorpay, Timesprime, PayUIndia, among others will be providing the option of UPI AutoPay to its customers for recurring payments of subscriptions, monthly and yearly payments.
No comments: