*This is in partnership with BQ Prime BrandStudio
One of India’s greatest blessings is its demographic advantage. India has the largest youth population in the world and India’s young people are driving digital-based consumption in the country. One example of digital consumption is over-the-top (OTT) video streaming—a revolution of sorts in India. 4G mobile Internet converted smartphone screens to personal televisions where users could access a wide variety of content on demand and watch it in high quality. 5G, which is merely weeks away in Indian cities, will take this digital revolution to a whole new level.
Speaking of OTT, platforms like Netflix, Hotstar, SonyLIV, Zee5, and many others are used by millions of Indians across the country. However, while there is a lot of choice when it comes to OTTs, payments are not quite as easy. Users have to keep track of payments or face having their favourite service cut off just as they are watching an engaging video. The Reserve Bank of India’s (RBI) mandate on no automatic recurring payments via cards complicated things further, though RBI took this measure to protect users.
And OTT subscription payments are just one of the many subscription payments Indians make today. The pain extended to other recurring payments too since India’s digitally savvy youth use recurring payments for bill payments, utility recharges, loan repayment, payments to edtech companies for upskilling, mutual fund investments, content subscriptions like OTT or music, cloud storage payments, insurance premiums, rent payments, housing society payments, etc.
Keeping in mind ease and convenience for those who may be struggling with recurring payments after the regulatory changes, Paytm offers a powerful yet easy to use feature of automatic bill payments for all recurring bills and utility services. Paytm was one of the first payment platforms to bring out the UPI Autopay feature. From your OTT payments to your monthly mutual fund investments to your rent, it’s all taken care of. All Paytm users need to do is set automatic monthly payments for such recurring payments.
With this feature, users can now time their monthly payments and not worry about rejection of payments and services suddenly being cut off.
From Netflix to mobile recharge, with Paytm UPI autopay, all your bills are taken care of — here’s how you can enable it
Any Paytm user can automate monthly payments of a fixed amount, which will be deducted from his/her bank account on a particular date. This service can be easily activated by visiting the ‘Automatic Payments’ tab under the bank section on the Paytm app. This is known as setting up a standing instruction—all you need to do is provide a one-time approval to the merchant for whom you want to automate payments on Paytm. Details such as subscription start date, merchant name, frequency of debits, will be entered during set-up. However, you do not need to provide details of subsequent payments as that will be notified by the company concerned a day before payment so that you can opt out of the service if you no longer require it.
In case you don’t have the requisite balance for the scheduled payment in a particular month you can easily pause 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 must be done before the payment due date.
Paytm also offers an option of recurring payments via bank accounts and cards using the National Payment Corporation of India (NPCI) e-mandate. However, Paytm’s automatic recurring payments for subscription-based spending is the first payment platform in the country as per RBI guidelines. What’s more, you can make recurring payments through the Paytm wallet too, through there such payments are capped at a maximum amount of Rs 2000 per transaction.
Benefits of Paytm Automatic Payments
There are many benefits of using Paytm Automatic Payments and here are a few:
● Pay subscription payments effortlessly.
● Super easy to use for customers.
● Provides a one-stop solution for payments for all types of businesses.
● Easy refund from partner applications in case of cancellation or any other issue at partner stores.
● Businesses gain too as Paytm Automatic Payments supports all kinds of business models and a subscription payment model ensures the highest conversion using a frictionless payment method.
The Bottom Line
With bill payments for any service, subscription payments, rent, loan or credit card repayments and more completely automated, Paytm users enjoy seamless service and thus save themselves from unnecessary complexity, hassles as well as protect themselves from fraud. They can also choose the method of payment, from UPI to the Paytm wallet. They can also choose to stop, pause or restart payments any time. Trust is intrinsic since Paytm is a pioneer and well-established leader in India’s payments industry.