UPI is one of the most popular payment modes on the PayU platform and UPI AutoPay is poised to be a game-changer for frequent, small tickets and daily transactions.
"The enhanced subscription payment model, powered by UPI AutoPay, is set to bring in a new wave of business efficiency and consumer convenience. It furthers PayU's vision to create a frictionless payment experience. Merchants can now optimize their billing plans, improve revenues, and cash flow, and experience the versatility of a subscription suite. Given the benefits of UPI AutoPay such as fixed payment schedules, easy, and customizable integration, we expect a majority of our merchants to adopt this feature," said Manas Mishra, Chief Product Officer, PayU India on the integration of UPI AutoPay.
"With UPI AutoPay, customers can now subscribe to merchant services after one-time authentication through their UPI app," Krupal Parchure, Head UPI Product and Strategy at NPCI, said.
Launched by National Payments Corporation of India (NCPI) at a virtual Global Fintech Fest event earlier this month this UPI Autopay feature enabled in PayU, lets customers automate e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment and OTT subscriptions, insurance, mutual funds and loan payments, among others of up to ₹2000. If the amount exceeds ₹2000, customers have to execute every mandate with UPI PIN.
Through UPI AutoPay, customers can create, approve, modify, pause as well as revoke auto-debit mandate on the 'mandate' section of their UPI-enabled application.
The mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly and yearly. UPI users can create e-mandate through UPI ID, QR scan, or Intent.