Time and energy is the most significant asset for everyone. At times, it becomes overwhelming to track down every single monthly bill. But with UPI AutoPay, customers can enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds among others.
Recent NPCI data suggests there has been a 28% rise in recurring mandates, especially at a time when recurring card payments witnessed huge disruption.
1. Payments can be automated very easily from the existing UPI account on any UPI enabled app
2. Automated bill payments are very helpful in avoiding late payments
3. Automatic and timely payments also help you improve your credit score
4. Customisable and convenient platform designed as per customer requirement
5. After registering for UPI AutoPay, you will be able to make EMI payments for loans, insurance, mutual funds, etc. without missing out the due dates
6. Timely payments will eliminate late fees/penalties
7. With UPI AutoPay, users can pay school/college tuition fees easily without the need of setting any reminders
8. The feature has different educational packages which can be explored and selected as per the requirement of the user
9. Using the Autopay option of UPI, users can enable recurring payments for entertainment or OTT subscriptions
(With inputs from paisabazaar.com)