UPI Autopay for Merchants: Automatic Loan Repayments on Time

Last Updated: February 14, 2024

The UPI Autopay process ensures automatic deductions from the merchant's bank account, eliminating the need for manual payment initiation. It helps in a smooth and efficient loan repayment system, providing convenience and security for merchants.

What is e-Mandate for Merchants?

The e-Mandate is a digital payment service that allows merchants to automatically pay their loan amounts on the due date every month, without the need for manual intervention. It’s like setting up a system where the bank deducts the loan installment from your account on the scheduled date, so you don’t have to worry about making the payment yourself. This makes loan repayments convenient and hassle-free for merchants.

Mandatory Activation for All Merchants- A Detailed Understanding

For merchants who currently have active loans but haven’t set up an e-mandate, this means they must now do so. This will allow them to activate the e-mandate for automatic loan repayment.

Merchants who wish to apply for Merchant Loan, need to set up UPI Autopay during the loan application process itself in order to complete the loan application successfully.

Highlighting the key features of UPI Autopay for all merchants –

Smooth and easy repayment of loan
Avoid Late Fee and Penalties
Easy and quick setup

How to Activate UPI Autopay?

Step 1: While filing a new application, submit all details and complete KYC

Step 2: Review your loan offer, repayment details and proceed to set up e-Mandate

Step 3: On the payment gateway, you will see ‘UPI Linked Bank Accounts’

Step 4: Make a payment of Rs. 1 to subscribe, confirm your UPI PIN to complete the payment

And that’s it! Your UPI Autopay e-Mandate is enabled.

If you have an ongoing Loan: Activate through Passbook

Setup your E-mandate in a few simple steps to continue enjoying Paytm Services. If you are an active Loan merchant, you can set up an E-mandate on your Loan Passbook page.