In a big boost to cashless payments, Govt has now approved recurring payments using UPI as the payment mode.
What does this mean? And how will it help you become cashless?
Recurring Payments Approved For UPI
RBI has announced that UPI users across India will now be able to make recurring payments. This facility to automatically deduct recurring payments has been made available for all transactions till Rs 2000.
In a statement, RBI said, “On review of the developments… it has been decided to extend the above (e-mandate) instructions to cover UPI transactions as well,”
What Does This Mean?
At the time of making a payment which needs to be done regularly, over a period of time, users can now opt for recurring mode of payment.
By opting this option, the specific amount will be deducted automatically from the UPI linked bank account, and the user will not be required to authenticate that transaction repeatedly.
In August last year, Govt had approved recurring payments for debit cards, and that too was done for transactions till Rs 2000.
5 Ways It Will Help You Become Cashless
#1 SIP Recurring Payments
SIP or Systematic Investment Plans launched by various banks and financial institutions will get a boost with recurring payments. The user can activate recurring payments via UPI, and then the amount will be automatically deducted from the bank account for SIPs.
#2 Mobile Post Paid Payments
Another big usage of recurring payments via UPI will be mobile postpaid payments, which the user needs to make every month. Set up the recurring payment once, and the monthly bill be paid without any user intervention.
#3 DTH Bills
DTH Bill payment can be another big relief for UPI users, with this newly launched recurring payment option.
#4: Insurance Premiums
Insurance premiums which are less than Rs 2000 can be now set up using recurring payments, and can be deducted automatically.
#5 Subscription For Video, OTTs, Songs
It is expected that the recurring subscription charges for OTTs such as Netflix, Amazon Prime, besides premium song access services such as Youtube Premium etc can be now done automatically.
We will keep you updated, as more news come in.
The post Pay Netflix, Amazon Prime, Hotstar Automatically Using UPI’s Recurring Payment: 5 Ways This Will Help first appeared on Trak.in . Trak.in Mobile Apps: Android | iOS.
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