UPI Autopay is a new service that lets you make regular payments using the Upi application. The National Payment Corporation of India (NPCI) launched the UPI Auto payment service to make purchasing easy for customers. Users can now set up automatic monthly payments for recurring transactions such as bill payments, utility account recharges, loan repayments, mutual fund investments, content subscriptions, grocery purchases, housing society payments, and membership fees. This automatic payment option allows users to create recurring transactions easily. Now, let us discuss UPI automatic payment more as you continue reading this post:
What is UPI Autopay?
Nowadays, UPI is one of the most popular payment options. You can automate monthly payments of fixed amounts through the UPI automatic payment option. This amount will be deducted from your account on a specific date. You can use this service to pay multiple bills. With this UPI auto payment option, you can obtain content subscriptions and other utility services. The UPI auto payment option is an excellent initiative. It allows you to make UPI payments through UPI-linked bank accounts. Nowadays, subscription-based payments are becoming popular due to the digitalization of use cases such as bill payments, rapid adoption of bill payments, and financial investment. Merchants also benefit from this auto payment option as the payments are timely.
How Does UPI Autopay Work?
Since UPI Autopay, major UPI applications have added a “Mandate” feature. This option allows you to create, alter, revoke, or approve an auto-debit requirement. To use these functionalities, you must grant merchants who wish to automate payments on the platform. This is a one-time approval. When creating the subscription, you must enter other information, such as the subscription start date, merchant name, and debit frequency.
Procedure for Using UPI Autopay
- First, you need to select a subscription plan that fits your requirements.
- Then, you need to approve the transaction using your account’s UPI PIN.
- The UPI recurring payments are automatically deducted from your account without further action.
- You can pause and revoke mandates at any time while using the app.
- You can set up recurring payments weekly, quarterly, or yearly.
Benefits of UPI Autopay
- It allows you to make on-time payments to avoid late fees and penalties.
- Modify, Revoke, and Pause features are also available to change orders.
- UPI is a safe and convenient way to make regular payments.
- A cashless mode of payment.
- Avoid standing in large lineups.
- There are no documents or paperwork.
Benefits for Merchants
- The process is quick and simple, reducing the turnaround time.
- It makes sure that customers pay the amount on time.
- Improved customer service.
- The client base is increased due to improved satisfaction and retention.
- Building consumer trust.
- Registration is currently available for all possible flows.
Wrapping it up
UPI Autopay is a powerful subscription option. It is easy to use and offers many contemporary features. With this feature in the UPI payment app, you can enjoy seamless service and avoid unnecessary hassle and fraud. Make sure you have self-assessment in terms of budgeting and purchasing.
