Yes, you can use UPI for recurring payments. UPI provides a convenient and secure way to set up and manage recurring payments for various services or subscriptions. Here's what you need to know:
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UPI AutoPay:
With UPI AutoPay, you can link your UPI ID or bank account to a specific service provider or merchant and give them permission to deduct payments automatically on a predefined schedule.
Enabling UPI AutoPay:
To set up UPI AutoPay, follow these general steps:
- Open your UPI app and log in.
- Look for the UPI AutoPay section or a similar feature within the app.
- Choose the service provider or merchant for which you want to set up recurring payments.
- Provide the necessary details, such as payment amount, frequency (monthly, quarterly, etc.), and start date.
- Authenticate the transaction using your UPI PIN or any other verification method required by the app.
- Once the setup is complete, the recurring payments will be deducted automatically as per the agreed-upon schedule.
Managing UPI AutoPay:
You can typically view the list of service providers or merchants you have authorized for recurring payments, edit payment details, change the payment frequency, or cancel AutoPay for a particular service if needed. Check your UPI app for specific instructions on managing AutoPay.
Supported services:
UPI AutoPay can be used for a wide range of recurring payments, including utility bills (electricity, water, etc.), mobile phone bills, DTH or cable TV subscriptions, insurance premiums, loan repayments, and more.
When setting up UPI AutoPay, you may be required to pre-authorize the service provider to deduct payments from your account. Additionally, you may receive notifications or reminders before each payment is processed, giving you the opportunity to review and ensure sufficient funds are available.
Remember to review the terms and conditions associated with UPI AutoPay and understand the cancellation or modification policies for each service provider before setting up UPI recurring payments.
