For ease and convenience of the customers, Paytm has now added a new feature of automatic bill payment for OTT platforms such as Netflix, Hotstar, Zee5, etc. and other recurring bills and utility services. The users can now set automatic monthly payments for recurring use cases including bill payments, utility recharge, loan repayment, mutual fund investments, content subscription, grocery purchases, housing society payments and membership fees.
With the recurring payment services, the users can now time their monthly payments and can sit back and relax. In the next six months, the company aims to process about 1 crore subscription-based transactions. Let’s read further to know in detail about Paytm Automatic Payments and what it has to offer.
What are Automatic Payments?
Automatic payment is a feature through which an individual can automate the monthly payments of a fixed amount that will be deducted from the account on a particular date. The individual can use this service for paying bills, avail content subscriptions, utility services, etc.
How to Set up Automatic Payments?
This service can be easily activated by visiting the ‘Automatic Payments’ tab under the bank section on the Paytm app.
Also, in case the user doesn’t have the balance for scheduled payment on a particular month then he/she can easily pause the payment for that month and re-enable it again for the upcoming month. However, it is important to keep in mind that re-enabling, pausing or deleting a standing instruction is done prior to the payment date.
Even though Paytm already has the option of recurring payment via bank accounts and cards using the National Payment Corporation of India (NPCI’s) e-mandate, the automatic recurring payments for the subscription-based spending is the first payment platform in the country as per the RBI guidelines. Also, with this new feature, the payments can be done using Paytm wallet. However, for recurring payments via wallet, a maximum amount of Rs.2000 is capped for each transaction.
To use these features, the app users need to provide one-time approval to the merchants for whom they want to automate payments on the platform. Besides this, other details such as subscription start date, merchant name, debit frequency are also needed to be filled in while creating the subscription. However, one does not need to provide details of subsequent payments as it will be notified by the company a day before payment so that the user can opt-out of the service if no longer required.
The digitalization of use cases like financial investments, bill payments and rapid adaptation of OTT platforms is mushrooming demands of subscription-based payments in India. And, with a recurring payment facility, the company aims to enhance the convenience of the customers so that they can enjoy seamless services without any disruptions. Moreover, it also benefits the merchants with the timely receipts of payments.
What are Subscription Payments?
Subscription payments are meant for products/services that are consumed on an ongoing basis and for which the users need to make recurring payments at fixed intervals. Merchants with recurring payment business modules such as utility bill payment providers, OTT platforms, BFSI companies in lending, Edutech companies, investment, insurance, credit card payments, etc need their customers to pay them periodically. Paytm subscriptions UPI AutoPay help the merchants to avail themselves of the most seamless experience to collect recurring payments from the customers.
What are the Benefits of Paytm UPI AutoPay?
Let’s take a look at some of the benefits of using Paytm UPI AutoPay:
- Accept subscription payments effortlessly
- Ensures the highest conversion using a frictionless payment
- Super easy to use for customers
- Support all business models
- Provides a one-stop solution for payments for all types of businesses
- Helps in cashless and digital payments
- Provides easy refund from partner applications in case of cancellation or any other issue at the partner stores
Wrapping it Up!
With the automation of the bill payment, the customers can now not only enjoy a seamless service but can also save themselves from unnecessary hassle and fraud. Paytm has now become the most preferred payment gateway for various OTT platforms such as Zee5, Netflix, SonyLIV, etc., and online businesses. The company is considered as a market leader in India’s Payment Gateway Industry with over 50% of share and processes over 400 million transactions for its merchant partners every month.