PayU, online payment solutions provider, today launched the integration of the UPI AutoPay feature for merchants. With the help of this integration, PayU merchants can offer UPI AutoPay to all customers and automate the collection of recurring payments of up to Rs 2000 per transaction.
In its official statement the company stated that, 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-ticket, and daily transactions. This feature will help in increasing consumer convenience by streamlining recurring payments across segments such as mobile bills, electricity bills, EMI payments, education, entertainment/OTT subscriptions to name a few.
Manas Mishra, Chief Product Officer, PayU India said, “The enhanced subscriptions 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.”
Krupal Parchure, Head UPI Product and Strategy at NPCI said “With UPI AutoPay, customers can now subscribe to merchant services after one-time authentication through their UPI app. Merchants can debit customers for payments based on various frequencies and can offer easy cancellation services with zero fees and no refund-related hassles. A pre-notification will inform customers about charges to be levied. At NPCI it’s our constant endeavor to innovate and bring in customized digital solutions for the customers and provide them an exceptional digital payments experience.”
With UPI AutoPay, customers will be able to create, approve, modify, pause as well as cancel auto-debit mandate on the ‘mandate’ section of their UPI-enabled application.
With the help of this feature, 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.