If you use UPI AutoPay for OTT subscriptions, SIPs, insurance premiums or loan EMIs, this update matters. The National Payments Corporation of India is preparing to simplify AutoPay. Under the proposed change, users could transfer existing mandates between different UPI apps. Therefore, customers may no longer need to cancel old mandates first. They also would not need to create fresh mandates after switching applications. Meanwhile, merchants could find payment gateway changes easier.
What Will Change Under The New System?
NPCI plans to make UPI AutoPay interoperable across different applications. Users could then move existing AutoPay mandates from one app to another. Consequently, recurring OTT, SIP, insurance and EMI payments would continue without fresh setup. Another benefit could involve easier access to AutoPay information across multiple applications. Users could track upcoming payments, bank balances and active subscriptions more conveniently.
Why Could This Matter For Customers?
Currently, changing a UPI application can create extra steps for users. Customers may need to cancel existing AutoPay mandates before creating new ones. That process could become simpler after the proposed change. Existing mandates could move directly between supported UPI applications. As a result, recurring payments would require fewer setup steps.
Businesses Could Also Gain From The Change
The proposed update could benefit merchants alongside customers. Companies changing payment gateways could shift existing AutoPay mandates into another system. Consequently, existing customers may not need fresh registration. This could make payment gateway transitions easier for businesses. At the same time, customers could continue their recurring payment arrangements with fewer disruptions.
When Could NPCI Announce The Feature?
NPCI launched UPI AutoPay in 2020 to automate recurring payments. The facility covers subscriptions, loan EMIs, insurance premiums and mutual fund investments. Now, NPCI could announce this new feature at the Global Fintech Fest in Mumbai. However, the reference does not provide a confirmed implementation date.
