The Reserve Bank of India (RBI) has now provided the facility of making recurring payments through UPI, in order to promote digital payments. Under this facility, an agreement is formed between the consumer and the merchant bodies and a certain amount of the outstanding amount is paid automatically on the fixed date of the month. Till now this facility was available on payment through debit card, credit card, prepaid payment instrument and wallet.
The Reserve Bank said in a notification issued on Friday that now the facility of recurring payment will also be available for UPI. The Reserve Bank said that e-mandate is approved to make the recurring payment secure through UPI. E-mandate is called to consent to the process of payment by means of message or e-mail, etc., without the presence of consumers in front of the merchant while making the payment.
Maximum payment of two thousand rupees
Under this facility, consumers will be able to pay a maximum of two thousand rupees. Consumers will not have to pay any additional charges for the payment payment facility. Under this, consumers can stop the next recurring payment at any time.
Explain that the facility of Recurring Payment is generally used to pay utility bills including mobile, internet, or to make lump sum payments on monthly basis in shops.Get Business News, Latest India News, Sports News and other Breaking News on Investment Schemes, Share Market and much more on 24 x 7 News. We are happy to provide you best news happening around