MobiKwik, an India-based fintech company, has recently introduced an ‘AutoBill Pay’ feature for its ZIP customers to make recurring invoice funds simple and easy. ZIP is MobiKwik’s BNPL (Buy Now Pay Later) product which facilitates a line of credit score for its 25 million users.
This new feature is exclusively designed for ZIP users to make payments for essential utility services such as water, electricity, DTH, cellular, electrical energy, gasoline, and so on.
In order to avail this feature, ZIP user must register their billers in the MobiKwik application and enable AutoBill Pay, the payment will be made robotically each month utilizing the BNPL credit score.
Moreover, with this new feature, MobiKwik ZIP users can automate all their invoice funds. It will give users the ability to create, modify, approve, and pause payments along with the option of revoking auto-debit on ZIP as per their needs.
To use the AutoBill Pay feature, user needs to install an up-to-date app where they can access the option of “Pay one invoice for all payments” on the dashboard for each iOS and Android users.
Furthermore, users can opt for their most preferred utility payments and one ZIP invoice for all payments can be generated monthly. The payments can be fetched fifteen to twenty days prior to the due date/s and users will get advance notification, earlier than the amount is debited.
Chandan Joshi, CEO and Co-Founder of Consumer Payments, MobiKwik, said that the company has analyzed that it becomes hectic for users to remember the due dates for several utility payments and clear them on time. To solve this issue, MobiKwik has now launched the BNPL feature for its 25 million ZIP users where they can pay one invoice for all payments.
With this, users can prevent late funds and penalties by initiating automated payments and billers will get their payments on time, said Mr. Joshi.