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NPCI updates UPI with auto pay feature for smoother recurring transactions

The feature needs customer mandates for these recurring payments to be made. Mandates can be set up with a frequency of user's choice such as daily weekly, monthly or annually

UPI transactions | Insurance products | insurance premium growth

BS Reporter  |  Mumbai 

Transactions made through UPI in June 2020 reached an all-time high, both in terms of volume and value since its inception in 2016

The National Payments Corporation of India (NPCI) has added an auto pay feature in its flagship payment service platform Unified Payments Interface (UPI) that will enable recurring payment on UPI platforms. It is expected to give a seamless convenient usage for people to set up repeat payments across a variety of applications.



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First Published: Wed, July 22 2020. 17:56 IST