In UP UPI transactions increased to 750 percent, the total volume increased to 400 percent. The National Payments Corporation of India (NPCI) was also working on the updated version of BHIM and now a new feature of the new BHIM version has started to appear. In August 2018, NPCI had announced UPI 2.0, in which changes like Overdraft Account, One-time Mandate, Promotion of Transaction Limit were made.
Now NPCI has added the One-Time Mandate feature in the latest version of the BHIM app. With this new feature, users can schedule their payments later on any date. For example if you want to rent your house on the 15th of the month, you can schedule your rent for that date anytime before the 15th date. The point to note here is that your scheduled money will remain in your account, but you will be blocked till payment. The good thing is that you will not stop getting the interest of those money. This app currently allows peer-to peer UPI mandate. Let's see how this feature works
Use the UPI Mandate feature in the BHIM app
First step
Open the BHIM app and enter your 4-digit passcode and login. Now on the Home screen, you will see a new UPI Mandate option right below the Bill Pay option. There will be four tabs, including My Mandates, Create, Scan and Gift options. Of these, My Mandates will show you the mandates made with your own and the scan option will allow you to scan the receiver's QR code and make the mandate.
Second step
Now click on the included UPI Mandate inside Create. After that you will get a list of the receent receivers, which you have already sent money to. You can choose one of these and also add new UPI IDs.
Third step
Now enter the amount you want to schedule and press the Next button given in the bottom. Now the app will ask you for its frequency, which is set by default in 'one-time' i.e. 'one bar'.
Step four
Now you have to choose the validity and you can also mark it in this transaction so that you know what the payment has been done for. Now after tabging on Proceed you will find all the information about your scheduling. Now you have to verify the information once and confirm.
This will ask you once and UPI pin code, as soon as the PIN is verified, your payment schedule will be blocked till the date and its notifications will be available to the receiver. After accepting receiver's request, the amount will be reached in his account.
