PhonePe reports 1 million AutoPay mandates on UPI in 3 months

Phone Pe

PhonePe, leading digital payments company, has registered over 1 million UPI-enabled AutoPay mandates since the feature was launched in June 2021.

This makes PhonePe the first digital payments platform to achieve this milestone. UPI AutoPay has been enabled on PhonePe for varied use cases such as mutual funds SIPs, Wallet Auto top-ups and for OTT subscription renewals.

Also Read: PhonePe unveils Pulse, a new website for data, insights on digital payments

Sonika Chandra, Vice President – Consumer Payments at PhonePe said, “This is a significant milestone for the Autopay feature and we are delighted to have achieved it within just 3 months of the launch. 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 nowfocused on enabling AutoPay for several more merchants and use cases and hope to scale it further significantly.”

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.