Mumbai: Autopay is a service provided by many banking and UPI apps like Paytm, Google Pay, PhonePe. Autopay is a feature designed to streamline recurring payments. The feature automatically makes your monthly payment when a statement is posted. The user can still control of how much to pay and when the payment is deducted.
Autopay helps you avoid penalties and extra charges imposed by banks for late or missed payments. Even if you have monthly subscriptions for services like OTT platforms, Autopay can ensure timely payments.
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Here’s a step-by-step breakdown of how Autopay works:
Set Payment Amount: Users can specify a recurring payment amount between Rs 1 and Rs 5000.
Flexibility: Users have the freedom to modify, pause, or stop recurring payments according to their needs.
Select Subscription: Choose the payment requirement, such as EMI or bills.
UPI PIN Authentication: Authenticate the recurring payment with a UPI PIN (a one-time activity).
Payment Frequency: Users can set a mandate for recurring payments on a weekly, monthly, or quarterly basis.
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