Just a few years back, our subscriptions were easily manageable. Limited to essentials like newspapers and daily dairy products, we could count them on our fingers. Fast forward to today, we find ourselves drowning in automated subscriptions for virtually everything imaginable – from utility bills and OTTs to mutual funds and book subscriptions.
That said, it’s an incredible time to be in the subscription business. According to a report by McKinsey & Company, the global subscription industry is expected to reach $3 trillion. How can you capitalise on this growth opportunity? One way is by enabling UPI AutoPay for your business, which allows you to predict cash flow, scale customer experience, and experiment rapidly.
In this article, we delve deeper into how UPI AutoPay is revolutionising subscription businesses across industries, redefining convenience for millions.
It’s safe to say that the era of watching movies and sports on cable has passed. In India, a staggering 481 million users now enjoy streaming content on online subscription platforms like Netflix, Amazon Prime, Hotstar, and Jio Cinema.
With evolving digital advancements, seamless transactions and ease of access have taken center stage in how we enjoy entertainment. PhonePe PG‘s UPI AutoPay enables your customers to enjoy uninterrupted access to content without needing to remember payment due dates. They won’t need to repeat the checkout process, ensuring their retention on your platform.
Additionally, UPI AutoPay helps drive revenue growth by ensuring timely payments from your customers, directly impacting your Customer Lifetime Value.
NBFCs & Digital Lending Companies
If you own a lending business, you know that it gets challenging at times to ensure timely loan repayments from your customers. It significantly impacts your business’s cash flow. When a customer misses their loan repayment deadline, it sets off a chain reaction of administrative hassle and potential loss of revenue.
With UPI AutoPay, your customers can authorise recurring payments once and enjoy hassle-free transactions thereafter. Whether it’s for loan EMI repayments or Credit Card bills, UPI AutoPay offers a smooth payment experience. By setting up the mandates, your customers can eliminate the risk of late payment fees and penalties.
Investment Companies
I’m just a human. Sometimes, I miss out on my monthly SIP payments.
You’d relate to this problem if you run an investment company. At times, it’s challenging for your customers to maintain discipline with SIP payments, especially with varying due dates and busy schedules.
UPI AutoPay enables your customers to seamlessly automate their SIP payments and auto-recharge their trading account once the balance falls below a predefined limit. By setting up UPI AutoPay mandates, your customers can eliminate the risk of penalties on their missed SIPs. Whether it’s monthly, quarterly, or any other frequency, UPI AutoPay ensures SIP payments are made on time, without the need for your customers to remember payment due dates or go through the manual payment process each time.
Learn how PhonePe PG is helping Jar increase payment success rates for its Daily Savings feature.
Insurance Companies
Why is customer retention crucial for insurance companies? Because maintaining existing customers through insurance renewals is more cost-effective than acquiring new ones. UPI AutoPay facilitates this process seamlessly, allowing your customers to pay the premium and renew their insurance policies effortlessly.
With UPI AutoPay’s pre-debit notification feature, your customers will receive reminders in advance of the renewal debit about to occur. This ensures that your customers are well-informed and can ensure that their bank account has enough funds for the mandate to go through.
Utility bills such as electricity, parking, and water are often more challenging for customers to track, as they may be low in value but are incredibly important. Imagine if your customer’s electricity were to shut off or if they ran out of water simply because they forgot to pay their utility bill.
In cases like these, UPI AutoPay is truly a game-changer. With UPI AutoPay, the bill amount will be automatically debited from your customer’s account on the due date. This way, your customers won’t need to worry about unpaid utility bills!
