NPCI is preparing to introduce a new change to UPI AutoPay. This will allow users to transfer existing auto-payment mandates from one UPI app to another, making bill and investment payments easier.
Auto payment mandates will now be transferable from one app to another.
If you pay for OTT subscriptions, SIPs, insurance premiums, or loan EMIs through UPI AutoPay, this information is crucial. The National Payments Corporation of India (NPCI) is preparing to make UPI AutoPay even easier. With this new change, users will be able to easily transfer their autopayment mandates from one UPI app to another.
The biggest benefit of this change is that customers will no longer need to repeatedly disable old auto-payments and create new mandates. Furthermore, this change will also make it easier for merchants to switch payment gateways.
What changes are going to happen in UPI AutoPay?
NPCI is preparing to make UPI AutoPay interoperable. This will allow users to transfer their existing AutoPay mandates from one UPI app to another. Regular payments like OTT subscriptions, SIPs, insurance premiums, and loan EMIs will no longer need to be set up again.
Importantly, this will make it easier to view all your AutoPay information across different UPI apps in one place. Users will be able to easily track incoming payments, bank balances, and active subscriptions.
Customers will get this big benefit
Currently, if you set up AutoPay on a UPI app and later want to use a different app, you often have to cancel the old autopayment and set it up again in the new app. This new change may eliminate this problem.
The changes to UPI AutoPay won't just be limited to customers; merchants will also benefit. If a company changes its payment gateway, it will be easier to migrate existing customers' AutoPay mandates to the new system. Existing customers will not need to re-register.
When can the new change be implemented?
NPCI launched UPI AutoPay in 2020. Its primary purpose was to automate regular payments such as subscriptions, loan EMIs, insurance premiums, and mutual fund investments. According to reports, NPCI may announce this new feature at the upcoming Global Fintech Fest in Mumbai.
