UPI Auto Pay

          UPI Auto Pay volumes are slowly and steadily increasing. Yes, UPI AutoPay introduced by NPCI is another way to pay your recurring bills. There are multiple benefits associated with UPI AutoPay.

          Few more tweaks can add value to the AutoPay journey.

The National Payments Corporation of India (NPCI) has ushered in a game-changing feature with the introduction of AutoPay for recurring payments.

This innovative functionality empowers customers to effortlessly set up recurring e-mandates through any UPI application, simplifying the management of recurring expenses such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance premiums, and mutual fund investments, among others.

AutoPay offers a multitude of benefits to both customers and merchants. For customers, it translates into timely payments, eliminating the hassle of late fees and penalties.

The flexibility of choosing payment frequencies, whether monthly, quarterly, or otherwise, and setting customized amounts ranging from a mere Rs. 1 to a substantial Rs. 15,000+ for each mandate, ensures that every individual's financial needs are catered to.

Furthermore, the ability to modify, revoke, or pause mandates as needed adds an extra layer of convenience and control.

This is not only a secure way to handle recurring payments but also promotes cashless transactions, eliminating the need to stand in long queues and deal with cumbersome paperwork.

Merchants, on the other hand, stand to gain significantly from AutoPay. The streamlined registration process ensures quick onboarding, reducing turnaround time and administrative overhead.

Merchants can count on timely payments from their customers, leading to improved customer service, satisfaction, and retention.

By offering this convenient payment method, merchants can build trust with their customers and ultimately expand their customer base.

With all possible registration flows available, AutoPay becomes a versatile tool for businesses of all sizes to manage recurring payments efficiently.

In addition to the convenience and flexibility, AutoPay offers a secure and cashless way to handle recurring payments.

No more standing in long queues or drowning in paperwork.

It's a seamless experience for both customers and merchants. Merchants, too, stand to gain immensely from this innovation.

The streamlined registration process ensures minimal turnaround time, guaranteeing prompt payments from customers.

This not only enhances customer service but also fosters satisfaction and loyalty, ultimately leading to an expanded customer base and the invaluable trust of patrons.

With AutoPay, all possible flows are available for registration, making it a comprehensive solution for businesses of all sizes.

It's a win-win for everyone in the digital payment’s ecosystem, marking a significant leap towards a cashless, hassle-free future.

In summary, NPCI's AutoPay is a win-win for both customers and merchants. It modernizes and simplifies the way recurring payments are handled, ensuring financial convenience, security, and efficiency for all parties involved.

 

          Visit this page to know more about ecosystem statistics @ https://www.npci.org.in/what-we-do/autopay/ecosystem-statistics

          Disclaimer: These are my personal views only. The bottom line is Safe ePayments.