In our fast-paced lives, remembering bill payment dates can be quite a headache. From phone bills to EMIs, it's easy to forget, leading to late fees or even service discontinuation. Thankfully, Autopay is here to rescue us. This feature, offered by banking and UPI apps like Paytm, Google Pay, PhonePe, and more, simplifies recurring payments. So, what exactly is Autopay and how can it benefit you?
Autopay, as the name suggests, is a feature designed to streamline recurring payments. For instance, imagine you receive your phone bill on the 5th of each month, with a payment due by the 15th. Autopay lets you select a date between the 5th and 15th for automatic payment, eliminating the need for manual intervention.
Why Autopay is useful?
Autopay comes to the rescue for significant payments like home loans, EMIs, and regular bills. By ensuring payments are made on time, it 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.
How does Autopay work?
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.