UPI Autopay benefits merchants and customers immensely in receiving and making repetitive payments quickly and securely. Here are some of those:
• Forget multiple authorizations once recurring payment is activated: Merchants can instantly generate mandates and send them to their customers. Customers authorize UPI Autopay requests for recurring payments, a one-time activity, as soon as they receive a mandate from the merchant. According to the mandate, the merchant receives payment from customers accounts automatically.
• Confirm mandates in real-time: To enable recurring payments, customers had to wait from hours to days when a mandate was allowed through credit cards and debits cards. However, UPI Autopay’s benefit is that mandate confirmation is instant. As soon as the merchant sends a mandate to his customer, they can authorize recurring payments right away. The interval of recurring payments in the mandate can be daily to yearly and everything in between.
• Never miss a payment: 24 hours in advance, merchants and their customers are reminded of oncoming UPI Autopay transactions. Post that, the transaction happens automatically at a designated time.
• Improved payment success rate: Pre-debit notifications from UPI Autopay benefit merchants and customers. The timely message allows customers to maintain an adequate account balance for the transaction to complete successfully.
• Low Chargebacks: Customers can always attend and make changes such as suspending or revoking the mandate. UPI Autopay notifies merchants of the changes, thus decreasing the number of chargebacks.
• Increase Customer Count: There is a sizeable Indian population that lacks access to financial instruments such as managing recurring payments. On the other hand, UPI is one of the most accessible and easy ways of making payments. UPI Autopay is fast and secure, giving the merchant and the customer control of their repetitive payments, making it even more enticing. Thus, UPI Autopay benefits merchants and customers alike.