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Fintech company MobiKwik has announced the launch of the ‘AutoBill Pay’ feature for its ZIP users in a bid to simplify recurring bill payments.
The Buy Now Pay Later (BNPL) fintech company has launched the feature for its 25 million ZIP users. ZIP is MobiKwik’s flagship Buy Now Pay Later (BNPL) product which extends a line of credit to its users.
“This feature is exclusively designed for ZIP users to pay multiple bills such as electricity, water, gas, mobile, DTH, etc. automatically every month using the BNPL credit line,” the company said in a statement.
Users will have to register their billers on the MobiKwik app and enable the AutoBill Pay feature to activate it. Users will need to update their existing MobiKwik mobile app to use the feature.
“With the AutoBill Pay feature, MobiKwik ZIP users can automate all their bill payments and relinquish the need to remember multiple due dates,” it said.
Users can create, approve, modify, pause as well as revoke auto-debit on ZIP as per their requirements.
Once users update their app, they will see the option of “Pay one bill for all bills” on the dashboard. This is similar for both- Android and iOS users.
The users can choose their preferred utility bills and a single ZIP bill will be generated on a monthly basis. The bills would be fetched 15 to 20 days prior to the due date/s. Users will receive the notification before the payment is debited, i.e., “your electricity bill has been generated for auto payments, the payment of this bill is scheduled for the XXX date.”
Chandan Joshi, Co-Founder and CEO, Consumer Payments, MobiKwik, said, “We have realised that everyday users are inundated to remember the due dates for various utility bills and clearing them on time. To ease this pain point, we have integrated Buy Now Pay Later (BNPL) offering with AutoBill Pay so that our 25 million ZIP users can now use BNPL to aggregate their multiple daily life bills payments and pay one bill for all bills.”
“This feature will benefit both users and billers alike, users can avoid late payments and penalties by automating bills whereas billers will get their payments on time,” Joshi said.
The AutoBill Pay feature is available for MobiKwik ZIP users across over 700 cities in India.
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