Autodebit UPI Payment: According to RBI, now you can make UPI auto debit payment up to Rs 1 lakh without OTP.
Autodebit UPI Payment: Generally no OTP is required to make UPI payment. However, if payment is to be made in auto debit mode, then it is necessary to enter OTP. However, the Reserve Bank of India i.e. RBI has given a big gift to the people in this regard. Customers can now make payments up to Rs 1 lakh through UPI without entering OTP. The benefit of this facility is being given during auto debit. Let us know about it in detail.
What is Auto Debit UPI Payment?
Auto Debit UPI Payment is a mode that allows its customers to make auto payments (Auto Debit UPI Payment). Through this, most people can easily make monthly transactions or loan payments. It was proposed to increase the limit of UPI auto payment, which has been approved by RBI.
AFA will be needed
If payment up to Rs 1 lakh is to be made through UPI auto payment, then Additional Factor Authentication (AFA) will be required. Earlier, AFA was applicable when the user had to make auto debit of more than Rs 15,000. Through this, many types of payments like insurance premium subscription, mutual fund subscription and credit card repayment etc. are included, whose auto payment can now be done up to Rs 1 lakh.
UPI Auto Payment BenefitsÂ
- You can avoid late fees or fines.
- You can avail the facility with monthly or quarterly payments.
- This is the best method for cashless payment.
UPI payment up to Rs 5 lakh
RBI has increased the limit of transaction through UPI from Rs 1 lakh to Rs 5 lakh (UPI Payment up to 5 Lakhs). Users can make UPI payments up to Rs 5 lakh for everything from education to hospital expenses.
