Whether it's OTT subscription or life insurance premium – everything is now UPI AutoPay. That is, money is automatically debited from the account at the specified time. That auto pay system is going to come big changes! Surely you are wondering what exactly is the matter?
What exactly is Auto Pay? It is a banking system through which bills are automatically deducted from your account at regular intervals. As a result, there is no need to deposit money manually every month. This mainly applies to OTT subscriptions, insurance premiums, SIPs, EMIs. Because, in all these cases the amount of the bill does not change. But there are also problems with the auto pay system. If you pay a bill or subscribe to OTT using Phone Pay for the first time, Auto Pay will be enabled in that app. That is, every time money is debited, it will be from phone pay. Currently UPI apps are booming. Several apps also offer attractive gifts. As a result, many people think about using other apps. But can't do that because of auto pay. Because till now there was no mechanism of auto pay transfer from one app to another. As a result, Auto Pay had to be turned off and started again in a new app. It will not be needed in the future. You can transfer Auto Pay instantly by just using your UPI PIN.
In fact, it would not be an exaggeration to say that the auto pay system is a strategy to retain users in UPI apps. Suppose someone starts using Phone Pay for the first time. There are several auto pay launched. As a result, even if you want to cancel it, you don't use another UPI app. As a result, these types of platforms in small or new markets are not able to capture the market even with attractive offers. The new UPI apps are expected to benefit from the shift to the auto pay system.