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Friday, June 21, 2024

Make recurring payments easier: All you need to know about Autopay

Autopay simplifies recurring payments, reducing late fines and service terminations. It is provided by UPI and banking applications like Paytm, Google Pay, and PhonePe.

It might be difficult to remember bill payment dates in our hectic life. It’s simple to forget about things like phone bills and EMIs, which can result in late fines or even service termination. Autopay is thankfully here to save the day. This function streamlines recurring payments and is provided by UPI and banking applications like Paytm, Google Pay, PhonePe, and others. Now that you know what Autopay is actually, how can it help you?

What is Autopay?

As the name implies, autopay is a function intended to make recurring payments easier. Consider a scenario in which you receive your phone bill on the fifth of every month and have until the fifteenth to make payment. You can choose a date for automatic payment with Autopay between the 5th and the 15th, doing away with the requirement for human participation.

For sizeable payments like mortgage loans, EMIs, and recurring bills, autopay comes to the rescue. By making sure payments are paid on time, you can avoid the fines and other fees that banks apply for late or missing payments. Even if you pay for services like OTT platforms on a monthly basis, Autopay can guarantee prompt payments.

Conclusion

Autopay is a feature that simplifies recurring payments, such as phone bills and EMIs, by providing a convenient method for automatic payments. It is provided by UPI and banking applications like Paytm, Google Pay, and PhonePe. Autopay allows users to set a recurring payment amount between Rs 1 and Rs 5000, allowing flexibility in modifying, paused, or stopped payments.

Users can also select a subscription for payment requirements like EMI or bills, authenticate the recurring payment with a UPI PIN, and set a payment frequency on a weekly, monthly, or quarterly basis. This feature helps avoid late fines and other fees that banks may charge for late or missing payments. Autopay is particularly useful for large payments like mortgage loans, EMIs, and recurring bills.

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