Major Change in UPI AutoPay: Payments for OTT, SIP, and EMI to Become Easier

The 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, simplifying bill payments and investments.

If you use UPI AutoPay for OTT subscriptions, SIPs, insurance premiums, or loan EMIs, this information is crucial for you. The National Payments Corporation of India (NPCI) is working to make UPI AutoPay even more user-friendly. With this upcoming change, users will be able to easily transfer their auto-payment mandates between different UPI apps.

A major benefit of this change is that customers will no longer need to cancel old auto-payments and create new mandates repeatedly. Additionally, it will make it easier for merchants to switch payment gateways.

What changes are coming to UPI AutoPay?

The NPCI is preparing to make UPI AutoPay interoperable. This will enable users to transfer their existing AutoPay mandates from one UPI app to another. There will be no need to reconfigure recurring payments such as OTT subscriptions, SIPs, insurance premiums, and loan EMIs.

Significantly, this will make it easier to view details of all AutoPay arrangements across different UPI apps in one place. Users will be able to easily track upcoming payments, bank balances, and active subscriptions.

Major benefit for customers

Currently, if you set up AutoPay on a UPI app and later wish to switch to a different app, you often have to cancel the old auto-payment and set it up again on the new app. This new change could eliminate that hassle.

The changes to UPI AutoPay will not 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 might this new change be implemented?

NPCI launched UPI AutoPay in 2020 with the primary objective of automating recurring payments such as subscriptions, loan EMIs, insurance premiums, and mutual fund investments. According to reports, NPCI may announce this new feature at the Global Fintech Fest in Mumbai.