A Brief Idea On UPI Autopay With Its Advantages And Disadvantages
Have you failed to pay a bill on time and deal with the consequences? Settling installments can be time-consuming, especially if you have many recurring payments to verify. The National Payments Corporation of India (NPCI) has added another component UPI Autopay to the Unified Payments Interface (UPI) to provide an easy solution for clients to make recurring payments on the web.
What is UPI Autopay?
As the word implies, UPI Autopay is a scheduled bill installment arrangement that provides a predetermined date to settle a recurring payment. UPI Autopay would permit clients to enable recurring payments for various monetary purposes, such as bill installments, electricity charges, EMI installments, OTT memberships, insurance premiums, mutual fund payments, etc.
Objectives of UPI Autopay
- Enable recurring payments to be simple and easy to access.
- More recent and improved features for the more excellent arrangement of expanding the scope of automatic payments and lessening the quantity of liquid cash we utilize in our economy.
- Providing a convenient and secure option for recurring payments for the customers who use UPI.
Illustration of Automatic payment of the bill
With the enhancement of UPI Autopay, customers can avoid the problem of ensuring that their fees get paid on a timely basis.
Assume you have to pay an EMI of Rs. 1500 every month on the same day for the next three years. You can approve UPI Autopay instead of checking in to the record and tracking the complete installment history. This, of course, automatically deducts Rs. 1500 from the bank account of the specified EMI rate.
Advantages of UPI Autopay:
UPI Autopay company in India will help clients deliver a convenient and secure way to make recurring payments. The following are some of the advantages of using UPI autopay.
- It effectively enables the automatic recurring payment from the current UPI account on any UPI-enabled application.
- Automatic payments of the bill are quite valuable for preventing late payments.
- Making automatic and on-time payments will also boost your civil score.
- Once payment automation gets completed, there is no need to repeat the operation each month.
- A customizable and suitable platform intended to meet the needs of the customer.
Benefits for Financial Services:
- After enrolling in UPI AutoPay, you will be allowed to make EMI payments for insurance, loans, mutual funds, and so on a timely basis.
- On-time payments will result in no late fees or penalties.
- This autopay function has crafted a tailored payment option for all users, including monthly and quarterly possibilities.
- Recurring payments can be set to Rs. 1 and Rs. 2000.
- A safe and easy way to start recurring payments.
- No paperwork or documents are required.
Benefits For Educational Services:
- Using UPI AutoPay, clients may automatically pay school/college charges quickly and easily, without updates.
- The element contains several instructional packages that may be explored and chosen based on the client’s needs.
- For OTT/Entertainment Subscriptions: Clients can enable repeating installments for OTT memberships using UPI’s Autopay option.
- Various plans are accessible for customization based on the client’s needs.
- Orders for executing single channels/mass plans can be placed.
- Allows for continuous entertainment and no worry of late payments.
Benefits Of E-commerce:
- You can use the UPI Autopay tool to choose the ‘purchase now but pay later.
- Modify/Pause/Revoke features are also available for modifying the order as needed.
- Easy way to make automatic payments
- Improved online buying experience, removing the need to brave the crowds.
Disadvantages of UPI Autopay:
- Your automated recurring payments may bounce if you don’t keep a specified balance in your account.
- You could be charged a late fee or a returned payment cost.
- If you don’t pay attention, you can miss faults or fraud.
How the UPI autopay works
Dealers who want to use UPI AutoPay to accept recurrent payments must first sign up with an online money transfer service provider that controls the installment method.
- Customers can use their UPI ID, QR code, or Aim to approve transactions.
- The customer can open the UPI application, access the approval area, view approval details, pick a bank/check card, and approve digital money by assembling PIN code UPI after receiving crypto approval demand.
- When the client has verified their identity, the EMI amount associated with the UPI identifier will be charged, and funds will be sent to the shipper’s account based on predetermined installment terms.
Who is providing the UPI Autopay service?
Autopay will be available from all banks with UPI-enabled platforms. Axis Bank, HDFC Bank, Bank of Baroda, HSBC Bank, AutoPe-Dish TV, ICICI Bank, CAMS Pay, Growfitter, Testbook.com, Policy Bazaar, The Hindu, Times Prime, RazorPay, PayU, and more banks, merchants, and aggregators have already implemented this service.
An automated payments procedure can be incredibly beneficial for both buyers and businesses. For recurrent bills, compensations, and so on, one can enroll, e-command, and alter programmed payments. The UPI autopay company in India has updated its UPI Autopay feature to enable clients to control recurring payments. To use these benefits, clients should enroll in UPI Autopay.
Read More: UPI Autopay is the future Payment Platform for many recurring transactions