UPI Autopay: Meaning, Setup, Limits And Benefits

Key takeaways 
 

• UPI Autopay is launched by national Payment corporation Bank of India for recurring payments.
   
• It will enable you to pay bills, electricity bills, loan EMIs, OTT subscription, entertainment subscriptions, insurance, and mutual funds timely. 
   
• It allows you to enable Autopay up to ₹1 lakh for payment like insurance, education, EMIs and up to ₹15,000 for normal payments. 

What is UPI Autopay ?

UPI Autopay is launched by NPCI ( National Payment Corporation of India) UPI is a service we all use for daily transactions and UPI Autopay is linked to the same. It is a service in UPI which is used when you have to pay some amount of money for each month. 

For example, when you recharge your mobile on a monthly basis, every time you go to the payment app and proceed for a transaction. If you set UPI Autopay, you don't need to go and recharge manually. This activity will be done automatically by UPI. 

There are many apps that offer UIP Autopay features. Like google pay, bhim, and phonepe. Tracking UPI autopay just got easier with these app updates.

Uses of UPI Autopay 

You can use UPI Autopay in services where you have to pay for each month or regular basis like: 
 

• Loan EMI 
   
• OTT subscription (Netflix, Amazon)
   
• Mutual fund SIP
   
• Insurance premium 
   
• Mobile recharge 
   
• Gym membership
   
• Electricity bill
   
• Gas bill
   
• Water bill

Once you give permission to UPI for the first time, UPI will automatically do this work for you from next time.

Benefits of UPI Autopay 
 

1. Convenient 

Using this feature of UPI is very convenient. You don't have to go on a payment app and do payment manually. Once this feature, choose a time period. 

2. Paperless process 

It is totally digital. This is a paperless process.

3. Secure 

Whenever you do an online transaction you have to enter your PIN every time. But in Autopay you don't need to do anything. Money will be deducted automatically from your account for the same reason.

4. Cost - effective 

There are no extra charges on transactions. Upto 15,000 you don't need to do manual processing. For transactions above 15,000 you have to login in the app, enter PIN.

Risks of UPI Autopay 
 

• Once you approve, Autopay money will automatically be deducted from your bank time-to-time. 
   
• if you forget about unsubscribing the particular app or feature, your money will still be deducted. It can make your bank account empty. 
   
• Enabling UPI Autopay is easy in any app but app, disabling it is difficult, it is not a straightforward process.
   
• There is fraud risk too, fake apps and websites can make you enable this feature and once you enable money will automatically deducted from your account.
   
• If you enable this feature and your account not having enough amount to pay then it can lead to the penalty. 

How to apply ipo through upi online?

When a private company decides to sell their shares to the public for the first time so that investors could be eligible to invest in these shares, this process is called IPO. You can apply for an IPO via online mode too. For investing in IPO, demat account, bank account, and UPI Id is necessary. First you have to open a demat account. 

• Open the demat account and go to the order option. Then click on the IPO section then you can apply on any option but before applying research on the company.
   
• Then you will be asked your UPI id and the quantity of shares. Fill those options. 
•  
• Choose the price bid accordingly. Mostly, those IPOs with high demand are available at a high price. 
   
• Then click on the submit option.
   
• After this, go to the UPI payment app. Your IPO request is showing on the app. You will get an Autopay option.
   
• Then set this one. You don't have to do anything.

You just need to wait for the allotment date. If you are allotted the IPO, you will be notified via message. Otherwise, your money will not be deducted from your account. 

How to cancel upi autopay in phonepe?

Disabling upi Autopay is easy.
 

• Open phonepe and scroll down the home page, you will see manage payment options.
   
• Click on view all, you will get the Autopay option there.
   
• Click on that Autopay option.
   
• Now choose the app that you want to cancel Autopay.
   
• Click on that and go to the delete button.

Conclusion 

UPI autopay is introduced by the national payment corporation of India. It gives permission to your payment app to pay for services like recharge, subscription, loan EMI on a specific date every time. It saves you time, you don't need to remember payment dates but it also has some risks like fraud, bank account issues, and disabling difficulties. Before opting for this service you should remember all these consequences.

FAQs 

What exactly is UPI Autopay and how does it work?

UPI Autopay is serviced by NPCI. When you make any payment for the first time and enable the Autopay option, from next time you don't have to open the app, enter PIN and proceed for payment. Instead, on that specific date money will automatically deducted from your account and make that payment. 

Does Autopay work if I remove my SIM card?

Making payment every time via Autopay SIM is not mandatory. When you enable Autopay for the first time only that time you have to enter OTP. After that no need for a SIM.