Jodo launches UPI Autopay: Simplifying Fee Collection for Educational Institutes
We are excited to introduce our latest feature, UPI Autopay, on Jodo flex.
We are excited to introduce our latest feature, UPI Autopay, on Jodo flex, designed to facilitate recurring payments for our institute partners. In 2021, Jodo ventured into the subscription model, allowing institutes to collect fees in installments through a recurring payment mandate. To date, over 1 million students in schools, colleges, and coaching centers across India have paid a total of ₹4000 crore using our Jodo Flex autopay option. Previously, we relied on NACH mandates for recurring payments, but we believe UPI Autopay will propel Jodo Flex to new heights. Here’s why:
Simple Sign-Up Process
Setting up a NACH mandate requires either debit card details or net banking information, which are often inaccessible or inconvenient for many Indians. In contrast, UPI Autopay only needs a UPI app on your phone. Setting up a UPI mandate is as simple as making a UPI transaction: scan a QR code, enter your UPI PIN, and your mandate is authenticated. Most Indians are familiar with this process and can complete it in under 30 seconds.
Set and Forget
With UPI Autopay, you can ensure uninterrupted service and avoid late penalties. Institutes can collect fees via UPI Autopay for the entire duration of a student’s education, whether it’s 10 years in school, 4 years in college, or 2 years in an MBA program. Students/parents can also make ancillary payments like transport fees, picnic fees, and exam fees via the mandate instead of initiating multiple payments, which, let’s be honest is PAINFUL. Ask any parent!
Single Authentication for Mandate and Downpayment
This feature is a game-changer. Merchants typically do not consider you a customer until they receive the first payment. In education, this is often the admission fee. The best part of setting up a UPI autopay is that it allows you to pay the admission fee and authenticate the mandate for future instalments in the same transaction. Scan QR -> enter PIN -> DONE.
For other recurring payment modes, these two transactions are de-coupled. For example, when setting up a SIP in a mutual fund few years back, if you wanted to make an upfront investment, you had to do it as a separate transaction. Reminds me of an old TV ad of Nirma detergent “Jab ek transaction me dono ho jaaye, to koi ye kyu le, wo na le? Maan gaye, aapki paar ki nazar or UPI autopay super, dono ko!”
Limitations on Maximum Debit Amount
Customers often worry that setting up a mandate gives merchants unrestricted access to their bank accounts. With UPI Autopay, the maximum deductible amount is capped at ₹15,000 for most use cases, including education. If a merchant wishes to charge more, the customer must enter their PIN to authenticate the transaction, giving them control over their payments.
Flexible and Easy Autopay Management
At Jodo, we believe in empowering our users. We provide features for students to request receipts of past payments, change debit dates, bank accounts, and obtain a consolidated receipt for tax purposes. While not exclusive to UPI Autopay, these features enhance payer confidence in setting up mandates for educational fees. We also send WhatsApp reminders to keep users informed about upcoming mandates. Payers can pause or cancel mandates anytime through their UPI app. This is useful if they decide to discontinue their studies.
With over 500 million active UPI users in India making 15 billion transactions each month, UPI Autopay is poised to become the standard for recurring payments across various services, including education, media, investments, and digital subscriptions. At Jodo, we believe UPI Autopay will become the default mode for fee payments and we’ll play a role in it getting there. Wish us luck!
If you are an institute interested in implementing UPI Autopay for fee collections, please reach out to us at partner@jodopay.com.
