The tension of paying electricity bill and EMI every month is over! UPI brings ‘magical’ feature, now all payments will be done automatically

Do you also forget the last date to pay electricity bill every month, pay SIP installment or renew Netflix-Hotstar subscription? If yes, then now this biggest tension of yours is going to end forever. UPI has launched a great feature that will work like your ‘personal assistant’ and make all your important payments automatically, at the right time.

The name of this magical feature is UPI AutoPay. This facility is gradually becoming an important part of people’s lives.

So what is this UPI AutoPay?

This is a feature of UPI in which you set a ‘Standing Instruction’ once for your regular payments (like bill, EMI, SIP). After this, every month on the fixed date that amount is automatically deducted from your bank account and reaches the right place. You do not have to worry about making payments again and again.

How does it work?

It’s very easy to set up:

1. You go to any of your UPI apps (like Google Pay, PhonePe, Paytm).
2. Go to the payments page of the bill or subscription for which you want to set up AutoPay.
3. There you will see the option of AutoPay. Select it, set the payment amount (or cap) and how often (monthly, quarterly) you want to make payments.
4. Confirm it by entering your UPI PIN. That’s it, the work is done!

Now every month, you will get a notification 24 hours before the money is to be deducted, and then the payment will be made automatically at the scheduled time.

What benefits will you get?

• The hassle of forgetting the date is over: Now no bill will be late nor will you have to pay late payment fee.
• Complete control in your hands: You can stop, change or even cancel this AutoPay completely from your UPI app whenever you want.
• Time Saving: Time will be saved from visiting different apps or websites for payment every month.
• Completely Secure: It is completely secure and transparent, just like UPI.

Where can it be used?

This feature works for almost all types of regular payments:

• electricity, water, mobile bill
• OTT Subscription (Netflix, Amazon Prime)
• SIP of mutual fund
• Loan EMI
• insurance premium
• And much more…

According to NPCI data, this facility is becoming so popular that by January 2025, its share in recurring payments will exceed 53%. This shows how much people are now liking the ease and automation of digital payments.