The National Payments Corporation of India has today launched UPI AutoPay. The launch announcement was made at the Global Fintech Summit which is being held virtually this year due to the Coronavirus pandemic.
As one can deduce from the name ‘UPI AutoPay’, the feature enables recurring payments via UPI. This should help customers use UPI for paying for everything from SIPs, to subscription services. Services like YouTube Music already support UPI for payments, so you should be able to use UPI AutoPay to pay your monthly subscription fees now.
Speaking at the announcement of the new payments feature, Nandan Nilekani, co-founder of 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 we use in our economy.”
Organisations including HDFC Bank, ICICI Bank, PolicyBazaar, TimesPrime, RazorPay etc have announced that they will be supporting UPI AutoPay for recurring payments including for subscription services, as well as monthly and yearly payments.