In UPI autopay, customers can do transactions of less than Rs 5 thousand through various apps. These include loan repayment, rent payment, school fees etc.
The National Payments Corporation of India (NPCI)’s UPI Autopay service was launched last year, although it did not get much response. So recently UPI Autopay has announced a partnership with OTT platforms like Netflix and Hotstar. By the way, there is also news that PhonePe and Google Pay are also going to introduce some new services. In UPI Autopay, customers can do transactions of less than Rs 5 thousand through various apps. In this payment system, customers can avail a variety of services. These include loan repayment, rent payment, school fees etc.
Customers can easily do transactions up to Rs 5000
Krishnan Viswanathan, CEO and Founder of Kissht, says, through UPI autopay, customers can easily do transactions up to Rs 5 thousand. In which there is no need of credit or debit card.
Three major banks State Bank of India, Paytm Payments Bank and Bank of Baroda are live on UPI autopay. Along with this, Netflix and Hotstar, PayU, FSS, Testbook.com, Open, Angel Broking and 5paisa.com etc. are also available live. Also Read: Indian Railway: How to get lower berth in reservation, know how to book tickets
Autopay services are a boon for small entrepreneurs
The services of autopay are a boon for small entrepreneurs as these services allow customers to settle outstanding payments, says Viswanathan. This proves to be beneficial for both the customer and the business, because in this the merchants get the debit facility according to their own.
PhonePe records 10 lakh UPI Autopay transactions in three months
On the other hand, PhonePe has recently said that it has registered 10 lakh UPI Autopay transactions within the last three months. According to a media report, in the coming time, about 100 merchants in many regions can start automated UPI payments.
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