UPI AutoPay, as this name implies, is the automatic bill payment system that pays a recurring bill on a predetermined date. Users can utilise UPI Autopay to set up recurring e-mandates for various financial transactions, including mobile bill payments, mutual fund SIP payments, EMI payments, power bills, insurance payments, entertainment/OTT subscriptions, and more.
What Are the Advantages of Using UPI AutoPay?
You will benefit from the UPI Autopay service provider company since it will provide them with an easy and secure option to make regular payments. The following are many of the advantages of using the UPI autopay alternative:
Payments may be simply automated using an existing UPI account and any UPI-enabled application.
Automatic bill payments might help you avoid paying late fees.
Payments that are made automatically and on schedule help you enhance your credit score.
You won’t have to repeat the process every time once you’ve automated payments.
The platform that is adaptable and flexible to the needs of the consumer
For the Financial Services Industry by upi autopay company in India:
You would be capable of making EMI instalments for insurance, loans, mutual funds, and other financial products after signing up for UPI AutoPay.
Late fines and penalties will be avoided if payments are made on time.
This autopay service has crafted a tailored payment method for every user, including monthly and quarterly possibilities.
For regular billing, the amount can be set anywhere between Rs. 1 and Rs. 2000.
A safe and simple method of setting up regular payments.
There is no need for any papers or documents.
In the case of educational facilities, you can also pay for school/college school fees using UPI AutoPay without having to set weekly reminders.
The feature offers various instructional packages that may be studied and selected based on the user’s needs.
Subscriptions for entertainment/over-the-top (OTT):
Users can set up monthly payments for OTT subscriptions or entertainment using UPI’s Autopay feature.
Different plans can be customised according to the needs of the user.
Bulk plans or Single channels can be activated via mandates.
Allows for nonstop entertainment while also ensuring that payment cycles are not missed.
For online delivery or e-commerce services, use the following formula:
With the UPI Autopay tool, you can choose the pay later’ or ‘buy now’ option.
Revoke/Pause/Modify are special capabilities that allow you to change your order whenever you want.
Making automatic payments in a convenient manner
Improved online purchasing experience, which eliminates the need to brave the crowds.
What are the drawbacks of using UPI AutoPay?
The automated payments may bounce when you do not keep a specified balance in the account.
You may be charged a fee for a returned transaction or a late charge.
If you don’t pay attention, you can miss faults or fraud.
What is UPI Autopay, and how does it work?
UPI AutoPay is the feature that allows consumers to set an e-mandate for recurring payments such as electricity bills, mobile bills, insurance, EMI payments, and mutual funds without having to input a PIN using the UPI application.
The per-day transaction limit for UPI –
The daily limit of UPI transactions is one lakh rupees. The BHIM UPI transaction limit is $10,000 each transaction & 20,000 in 24-hour period. This limit can be changed at any time.