UPI Autopay is a function that allows clients to enable an email without inputting a PIN and using any UPI application. Both users and merchants receive UPI Autopay benefits, as UPI mandates are quickly generated, and payments are debited at the authorized date. For example, one-time, daily, weekly, quarterly, monthly, bimonthly, trimester, and annual reciprocal payments may be mandated by a company.
UPI Autopay is the best option if a business is looking for a more accessible feature for its implementation. This function allows small companies to automate the collection of their payments in a safe and focused manner. The most serious difficulty for small enterprises was repeated payments due to the ongoing lock-downs caused by the pandemic. In addition, because of social distance and transportation constraints, merchants had a hard time collecting subscriptions. By using UPI Autopay, users can also access their previous mandates for the records.
How does UPI Autopay function?
- A dealer that wishes to pay repetitively with UPI Autopay needs to register with a repetitive payments service provider such as Cashfree, which supports UPI Autopay.
- Business users can use UPI ID, QR scans, or they have the opportunity to build E-Mandate. Use can easily open a UPI app on receiving the When the authorization request for an e-mandate. Just visit the mandate paragraph, study the information, choose a bank or debit card, and enter the e-mandate UPI PIN.
When the user authenticates, the UPI ID-linked bank account is automatically deleted, and the amount is transferred to the retailer’s account in the recurrent conditions of payments.
Not only is UPI Autopay easier to install for businesses, but it is also user-friendly. The user can initiate, approve, alter, stop or revoke automatic debit mandates anytime using any UPI application. The UPI Autopay features also provide users with access to their previous mandates and records.
What are UPI Autopay’s advantages?
UPI Autopay enables users to make recurring payments conveniently. Here are some of the main advantages.
- Recurrent payments are enabled with one-time approval- clients can pre-authorize and pay on a specific date using UPI Autopay. Once the user has generated the mandate, the funds are automatically deducted on the allowed date. These directives can now be developed rapidly and require former approval.
- Confirmation of the E-mandate- One had to wait for a few days to permit recurrent payments. On the other hand, UPI Autopay confirms the mandate in real-time.
- Increase the client base- In previous years, only recurring payments by credit cards could be processed by subscription-led companies. Therefore, a vast population segment that doesn’t have a credit card may not be targeted. UPI Autopay allows dealers to connect directly through their UPI applications to a new customer section that can now make regular payments.
- Better rates of success- UPI Autopay improves the success rate as a pre-debit message is received one day before the debit happens. This gives clients sufficient time to organize funds to ensure the success of auto-debit transactions.