As the growth of UPI recurring payments increases, the regulation and technology is getting better. Today, the NPCI-regulated system has checks and balances that ensure the right destinations, processes and verification. Enter Paycorp’s UPI Autopay. It ensures that your monthly recurring payment goes on time, to the right place, and with the right amount.

Even with the efficiency of the regulation and its enforcement, there is a second level of security that makes recurring payments even more secure – from the user’s end i.e. you. With the volume of institutions & organisations offering the service, it is necessary for you to verify that your payments are set up perfectly.

Let’s look at a few details you can look into when you set up the mandate for your UPI recurring payment. This will decrease your chances of being a victim of fraud and also protect your financial data.  

Only use trusted, verified UPI apps 

Established, trusted apps like BHIM, Paytm, PhonePe and Google Pay are registered with the government and compliant with the latest norms. UPI Autopay works with all of them. They are available on known platforms and adhere to technology standards. Strictly avoid third party apps and platforms for better data security.   

Device security matters 

Your device security matters as much as the apps and platforms you use on it to make UPI recurring payments. A secure device is always updated with the latest version of the software OS that offers inbuilt security, an antivirus that blocks and removes threats, and a device lock like fingerprint or face recognition for only authorised access.

Keep your UPI PIN a secret   

You must be the only person who knows what the PIN is. Do not entertain requests, even from bank personnel, to share it. Never save it on your phone or paper where someone can accidentally find it. Changing it often makes your account safer. UPI Autopay uses it as primary authentication.   

Verify merchants & mandates before paying    

Even though your merchant information, amount, payment, date and frequency appear automatically, double checking them before you approve protects you from setting up the wrong mandate. If in doubt, don’t approve until you are sure all the details are right.    

Pay attention to all payment notifications      

As your UPI recurring payment mandate gets executed every month through UPI Autopay, you will get messages about deductions and deduction announcements. Remember to check them each time so that you know that they match your mandate details. In case you find a mismatch, contact the bank, your service provider, or both.        

Mandate registration on public wi-fi is a no-no 

When you create a mandate on public w-ifi, you run the risk of exposing your personal data like username, passwords, and PINs. If you can’t avoid it, try using a virtual private network (VPN) which makes your data unhackable. 

Verify before you get phished

Phishing websites and apps are the simplest way to fool people into setting up payments into false accounts. The look and interactivity matches the original app. To prevent this, check if you are using the right app before you set up your UPI recurring payment mandate. As another sign, phishing apps also ask for other details that the official app won’t ask for.  

Set in-UPI app transaction limits

Limit unauthorized activity beyond the payment amount of your mandate by setting your UPI app limits as the transaction amount. This will ensure that only that amount and nothing more gets debited from your bank account in a single transaction.

Know all your mandates 

You should only have mandates that you know you are paying. Check your mandate list often so that there are no extra mandates that are debiting from your account without your knowledge.     

Activate Enhanced Security

Enable Two-Factor Authentication (2FA) to make any change require your authentication, therefore requiring your attention and double verification. 

Overall, make double vigilance your safety check 

Even when technology has advanced to make UPI recurring payments secure, users need to ensure that their payments are safe and right. Your due diligence will result in worry-free payments and better confidence to use recurring payments to cover most of your regular costs and expenses.       

Paycorp’s UPI Autopay feature helps you with automated recurring payment collection at scale. We allow you to integrate this feature through any registered UPI app offering customers a seamless payment registration experience. In addition, get the highest success rates in the industry with the highest ease of integration too. Over 25 banks and 85 companies trust us to power their ease of service to customers, in parallel with no service interruption and less revenue loss to the business. 

Other benefits of UPI Autopay from Paycorp:

• Simplified subscription setup 
• Better payment recovery
• Multi-industry applicability  
• Wide range of payment cycles
• Faster, Secure with the UPI network 

Book a demo today to experience these benefits for your customers and organisation.