UPI has changed the way we pay and handle transactions. One of the extraordinary features of UPI technology is the UPI mandate. In this blog, we will talk about the significance of the UPI mandate. Let’s explore what it means, how it works, and how its impact has transformed recurring payments with ease.
Think of it as your personal payment assistant. You can automate recurring payments, saving you time, money, and a whole lot of stress. Let’s understand in detail how this works.
What is the UPI mandate?
A UPI mandate is a pre-approved instruction to a bank via a UPI app that allows for automatic deductions of payment from your bank account. It's also known as autopay or e-mandate.
In other words, When you have memberships and payments that need to be paid every time on the same date, you need to place a standing order for these payments to be made every time. That is what the UPI mandate is. You decide on a specific amount that needs to be deducted at a specific time and the payment automatically goes through at that particular time. It makes the process easy and there are no manual payments and missed deadlines because of this feature.
How Does UPI Mandate Work?
It is a super simple process and this is how it works
- Grant the app permission: When you make a payment, you will see a pop-up that says, set UPI mandate, this simply means that you are allowing the app to deduct the amount automatically each time.
- You set the rules: You decide the amount and the frequency for the deduction, which can be set, daily, weekly, or monthly. This process ensures you are always in control.
- Automatic payments: You have to do nothing after this, the payment will be deducted on the set date and your bills will always be paid on time.
Key Features of UPI Mandate
Here are the features that make the UPI mandate so amazing:
- Convenience: You do not have to remember due dates or log into various platforms to make payments. It is automatically done for you.
- Timely payments and cost-effectiveness: Late payments cause service disruption, avoid this by opting for the UPI mandate. Some services may even offer discounts for setting up automatic payments.
- Security: Secure payments are made through the secure UPI platform; this ensures that your financial services stay safe.
- Flexibility and control: As mentioned before, you get to choose the amount and the time of payment, which gives you flexibility and control over your payments.
- Seamless payments: UPI mandate works seamlessly with all platforms, making it a one-stop solution for all your payments.
How to Setup UPI Mandate in UPI Apps?
The exact setup may be different for any UPI apps but here is a general idea:
- Open your UPI Pay app.
- Tap your profile picture in the top right corner.
- Select "Autopay."
- In the "Pending" tab, choose the mandate you want to activate.
- Enter your UPI PIN to confirm.
There you go! Your recurring payment is now automated and ready to roll.
UPI payments are a game-changer for recurring payments. They offer a secure, convenient, and automated way to stay on time with your bills and subscriptions, payments. So, the next time you sign up for a service that requires recurring payments, consider the power of the UPI mandate. It's time to ditch the manual payments and embrace a smoother, stress-free financial experience!
FAQs
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Are there any charges for a UPI mandate?
If there is insufficient balance in your account, the UPI payment will automatically fail. But there are no fines and penalties for this kind of failed payment.
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How do I check my UPI mandate status?
To check the mandate's expiration date, log in to your UPI app. If you have any questions about blocked or released funds, contact your bank directly.
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Does UPI mandate block money?
Your UPI ID can be used to block funds for public issue bids. Simply enter your UPI PIN to confirm the amount you wish to block.
