UPI Based Autopay Function For Easiest Payment
With the advancement of technology in the banking sector, making payments have become simplified. Digital payments are being encouraged in India. Payments made via UPI have taken off ever since they started. UPI expanded its unified payments interface. It is a system that the reserve bank of India regulates. It is a mobile-only payment system that has become one of the most preferred methods by the masses.
What is UPI
UPI is a system that allows users to pay money from their bank accounts directly to the merchant’s bank account. In addition, multiple bank accounts can be linked to the UPI system to make payments seamless. Payment is made in real-time using the internet using a secret pin set by the user. If the payment is successful, it is then displayed on the mobile screen.
Unique Features of UPI
- Money can be transferred instantaneously through mobile 24/7 x 365.
- It is one of the safest and most secure payment options which are available.
- Users need to set a secret PIN for successful payment.
- The use of virtual ID without credential sharing is more secure.
What is UPI autopay
UPI AutoPay is a recently launched feature. This feature allows users to enable payments to be made without using the secret pin. It can be used only to make recurring payments for bills like electric bills, water bills, mobile bills, etc. Such regular payments need to be authorized by the users. Payments are automatically made on the approved date, which can be weekly, fortnightly, monthly, and so on. How UPI auto pay worksIf you are a merchant who receives payments via UPI, you must register with a UPI Autopay service provider company. Then, you can offer users to opt for the auto-pay features available on the UPI apps. With this feature, it becomes easy for users to pay bills in a very simplified manner. Users need to authorize auto pay only once, and the payments are made automatically to the merchants on every billing cycle.
The advantages of setting up Autopay feature –
- Since this is a cashless form of payment, it is convenient for users.
- Once recurring payment is authorized, it is hassles free process for every recurring bill, as payments are made instantaneously.
- As bills can be paid without missing the due dates, late fees and penalties can be avoided.
- As the RBI backs it, it is a secure and easiest way to initiate recurring payments.
- Since every payment is made using the internet, long queues can be avoided.
The UPI-based auto-pay feature can be utilized across different sectors, including the financial industry, media platforms, eCommerce, transit purposes, online delivery, education platforms, etc. UPI autopay company in India can help merchants who want to offer UPI autopay. These companies can provide users with the option to create an e mandate through UPI app.
Conclusion –
UPI Payments are made in real-time and directly from the bank account. UPI is one of the safest and secure payment options available to users. UPI autopay can save you from unnecessary delays and fines in bill payments. This feature is easy to authorize.
