In recent years, digital payment systems have become increasingly popular in India, with the Unified Payments Interface (UPI) being one of the most widely used platforms. UPI AutoPay is one of the latest features introduced by the National Payments Corporation of India (NPCI) on the UPI platform. It is a game-changing feature that is designed to make recurring payments easier for users. In this blog, we will take a closer look at UPI AutoPay and how it works.
What is UPI AutoPay?
UPI AutoPay is a feature on the UPI platform that allows users to automate their recurring payments. It eliminates the need to manually make payments every month for bills, subscriptions, and other recurring expenses. With UPI AutoPay, users can set up an automated payment instruction once and then forget about it. The payment will be made automatically on the due date every month.
How does UPI AutoPay Work?
UPI AutoPay is a simple and easy-to-use feature. To use UPI AutoPay, you need to have a UPI-enabled bank account and a UPI ID. Here are the steps to set up UPI AutoPay:
Step 1: Open the UPI-enabled app and go to the ‘AutoPay’ option.
Step 2: Select the biller or the service provider you want to make the payment to.
Step 3: Enter the payment amount and the due date.
Step 4: Choose the frequency of the payment (monthly, quarterly, bi-annually, or annually).
Step 5: Enter your UPI PIN to authorize the payment.
Once you have completed these steps, your payment instruction will be set up, and the payment will be made automatically on the due date every month.
Benefits of UPI AutoPay
UPI AutoPay is a convenient and secure way of making recurring payments for various services. Here are some benefits of using UPI AutoPay:
Convenience: With UPI AutoPay, you no longer need to remember the due dates of your recurring payments. Once you set up AutoPay, your payments will be made automatically on the due date.
Time-Saving: UPI AutoPay eliminates the need to make payments every month, saving you time and effort manually.
No Late Payment Fees: Since payments are made automatically on the due date, there is no chance of missing a payment and incurring late payment fees.
Secure: UPI AutoPay uses secure authentication methods such as UPI PIN or biometric authentication, ensuring that your payments are safe and secure.
Flexibility: UPI AutoPay allows you to choose the frequency of your payments, such as monthly, quarterly, or annually, depending on your needs.
Easy to Set Up: Setting up UPI AutoPay is a simple process that can be done within minutes, and can be managed through a mobile banking app.
Cost-Effective: Many service providers offer discounts or cashback on payments made through UPI AutoPay, making it a cost-effective option.
Overall, UPI AutoPay is a convenient, secure, and cost-effective way to make recurring payments, saving you time and effort.