Upi Autopay- The Next Generation Payment Platform
Presenting PayG UPI Autopay, which engages customers by furnishing them with a consistent and secure method of making recurring payments. PayG has been effectively pursuing making a superior stage for provincial independent ventures and people to locate their online presence towards the 'Digital India.'
In this period of innovation, the UPI Autopay will assist customers with making recurring payments in a savvy, helpful and safe way. Customers utilizing this element won't have any pressure of late charges. This component will be an extra lift to UPI, which has been seeing a surge in utilization
What is UPI AutoPay?
UPI AutoPay is a component that permits customers to do recurring payments utilizing any UPI application. Customers would now be able to empower e-mandate for recurring payments, for example, EMI payments, mobile bills, electricity bills, paying DTH bills, booking bus pass, OTT memberships, insurance, and mutual funds among others
- The UPI AutoPay highlight makes certain to give accommodation and security to customers when making recurring payments
- This element is sheltered to utilize on the grounds that it furnishes customers with the office to make, support, change, stop just as renounce auto charge mandate according to their necessity.
- The element benefits the two customers and merchants both, and its potential favourable circumstances can promptly be seen over a large group of utilization cases including memberships, service charges, travel passes, expenses and so on.
PayG UPI Autopay: How does it work?
Customer can login to their UPI application and make changes under the 'Mandate' area. They will be needed to verify their record with UPI PIN for the underlying payment, and afterward payments will be deducted consequently on the approved date set by the customer.
1. Merchant shares a mandate
- A merchant that needs to offer recurring payments by means of UPI AutoPay needs to enlist with a PayG that upholds UPI AutoPay.
- Customers make e-mandate through UPI ID, QR scan or Intent as offered by their merchants.
2. Customer authorize a mandate
- On accepting the e mandate approval demand, the customer can open a UPI application, survey the mandate subtleties, and enter the UPI PIN to approve the e-mandate.
3. Recurring payments gets activated via PayG UPI AutoPay
- Recurring payments get activated, once the customer authorizes the mandate
4. Auto-debit happens on the authorized dates (accordingly)
- When the customer confirms, the ledger connected with the UPI ID will get auto-charged and the sum will stream to the shipper's account according to the common payments terms
Enhanced Subscription Payment Model
At PayG, our undertaking is consistently to help developing organizations and further lift the fintech environment. Proceeding with this convention, we collaborated with NPCI for the dispatch of UPI AutoPay. Our group will add uphold for this under a similar reconciliation, requiring no change from our merchant’s end. Merchants would now be able to upgrade their charging plans, improve incomes, and income, and experience the flexibility of a membership suite.
PayG is going to open the doors for large-scale adoption of digital payments across India, including the remote corners of the country to bloom the digital ecosystem. Among other advantages, the interoperable feature of UPI AutoPay makes it best suited to the population residing in rural India.
Use Cases of PayG UPI AutoPay
With this new feature of UPI AutoPay, users can utilize UPI applications for mechanizing recurring payments, for example, memberships/subscription, fee collection, donations and so on. QR code, UPI with phone number, sharing UPI ID, linking and unlimited transactions are some of the features which are offered by UPI Autopay. In case you're an entrepreneur, you would now be able to set up altered plans like:
- With UPI AutoPay, customers can pay school/college cost expenses effectively without the need of setting any updates
- The component has diverse instructive bundles which can be investigated and chosen according to the prerequisite of the client
- Utilizing the Autopay alternative of UPI, customers can empower recurring payments for DTH or OTT memberships
- Various plans are accessible for customisation according to the customer's prerequisites
- Mandate can be made for actuating single channels/bulk plans
- Permits relentless diversion and no missed payment cycles
Health Care Services:
- Patients can pay for regular meet-ups with doctors through UPI AutoPay or buy in to medication packs that they need month-on-month.
- With UPI AutoPay, organizations can enable their customers to deal with their wellbeing by giving them a calm payment.
E-commerce and Online Delivery Services:
- You can choose purchase currently pay later choice accessible under UPI Autopay include
- Unique highlights like Modify/Revoke/Pause are likewise accessible for changing the request put as and when required
- Helpful method of making programmed payments
- Improved online shopping experience disposing of the need of going out in the group
UPI Autopay has been an altogether significant occasion in additional improvement of this payments system that was presented two years back. While UPI Autopay brings a great deal of astonishing advantages for customers just as the merchants, this payments system comes up short on the pivotal element of robotized recurring payments. This has clearly frustrated a portion of the significant business players as the presence of this component might have empowered mechanized recurring payments from the customer's ledger towards different computerized administrations.