Online payment apps such as Google Pay, PhonePe are working with National Payments Corporation of India (NPCI) to add new features to their ecosystem in order to ease users' payment experience. According to Moneycontrol, both Google Pay and PhonePe are working to offer recurring payment mandates to their users. Here's what all we know.
- If developments go forward as being reported, Google Pay and PhonePe users will have an auto-debit option for various payments.
- Users will be able to set up auto-debit option for payments such as electricity bills, mobile phone bills, EMIs, media subscriptions, and insurance premiums.
- According to Moneycontrol, the feature may go LIVE in a month or so.
- Before going LIVE, the feature will be tested first on select users.
- The recurring payment facility was launched by NPCI on July 22 with large banks like HDFC Bank, State Bank of India and Axis Bank being part of it.
- To activate the auto-debit feature, users will first have to authenticate the mandate through a pin and also have set period-limit for the time they want this facility to remain active). Once authenticating it in the app, the auto-debit feature will start working.
- Initially, the auto-debit feature will allow payments upto a limit of Rs 2000, however, the limit is expected to increase once the system will get stabilised.