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National Payment corporation of India launched UPI payment feature
July 23, 2020
National Payments Corporation of India (NPCI) has propelled UPI AutoPay, another component to facilitate the procedure of collection of repeating payments. The interest of channelizing repeating payments was in the discussions for quite a while and today, the component has been presented formally.
The move will facilitate the way toward repeating installments, including paying premiums, membership expenses, SIPs and EMI. Also, there are various use instances of the common order include which is presently topped at ₹ 2,000.
Seeing the current situation of the Covid-19 pandemic, the component will assist individuals with going for contactless installments and abstain from taking care of installments in real money to contain the spread of the infection.
Nandan Nilekani on the dispatch at the Global FinTech Fest said, “Repeating payments on UPI was a suggestion advanced by the Committee of Deepening Digital Payments”.
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