PhonePe received a million UPI autopay mandates in past three months
Walmart-backed digital payments firm PhonePe said it has registered one million UPI Autopay mandates during the past three months for a number of use cases such as OTT subscriptions, wallet top-ups, and SIPs.
Launched last year, UPI Autopay enables customers to set up recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds among others.
According to data released by the National Payments Corporation of India (NPCI), in August, banks have received 1.78 million UPI autopay mandate registration requests. This is an indication of the growing popularity of this channel.
Mandate registration refers to the transaction wherein the consumer creates a recurring mandate against his/her account for the payments which are recurring in nature.
State Bank of India and Paytm Payments Bank have received the highest mandate registration requests in August, NPCI data showed.
“UPI AutoPay has seen large-scale adoption on PhonePe in a short span of time, particularly in the wallet top-up category. This uptick has been driven on the back of an enhanced user experience for recurring payments”, said PhonePe.
“AutoPay is a big step forward for both customers and businesses as it provides a superior user experience and enables innovations around recurring payment based business models. We are now focused on enabling autopay for several more merchants and use cases and hope to scale it further significantly”, Sonika Chandra, Vice President-Consumer Payments at PhonePe said.
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