UPI AutoPay debuts into MFI segment with Satin Creditcare Network

UPI AutoPay

In an effort to drive financial inclusion and boost cashless transactions in the country, Satin Creditcare Network Limited (SCNL), has made loan EMI payments more seamless for its customers by introducing UPI AutoPay.

SCNL is the first player in the micro finance segment to allow its customers in paying their loan EMIs via UPI platform . HSBC India is the banking partner to Satin Creditcare and has always been partnering with corporates from multiple strategic sectors to offer meaningful solutions to them.

UPI AutoPay – which was launched by the National Payments Corporation of India (NPCI) last year – will also empower customers of SCNL to verify the mandated transaction prior to authenticating the same. All the subsequent payments of borrowers can be seamlessly executed without any manual intervention.

HP Singh, Chairman and Managing Director, Satin Creditcare Network Ltd, says, “It is a delight to partner with NPCI and HSBC in making UPI 2.0 a reality for microfinance users. The payments ecosystem is evolving, and improved customer experience is at the heart of this transformation. Instant service and no human intervention are the defining attributes of future consumer payment experiences. UPI AutoPay has the potential to accelerate and drive cashless collections at a much faster pace. It is time to go beyond conventional cash collections and scale-up digital transactions. With the COVID-19 led ‘new normal’ here to stay, implementing innovative solutions like UPI AutoPayare need of the hour. India’s focused on-ground implementation of the Pradhan Mantri Jan DhanYojana (PMJDY) is a massive asset that has augmented India’s banked population.”

SiddharthRungta – Country Head, Global liquidity & Cash Management, HSBC India says, “We are focused on leveraging emerging technologies, innovation and developments in digital payments infrastructure to offer customized solutions to our clients. Our partnership with Satin Creditcare Network Ltd on UPI AutoPay solution is one such example. In this case, we’ve integrated our API (Application Programming Interface) stack with the AutoPay functionality for recurring payments to enable an efficient and fully automated EMI collections solution. This will support Satin Creditcare in their endeavour towards driving financial inclusion for low income communities and women entrepreneurs across India.”

Praveena Rai, COO, NPCI, says, “We are happy to collaborate with HSBC and Satin Creditcare to facilitate the integration of UPI AutoPay feature. We believe this functionality is all geared-up to provide a unique opportunity to borrowers for repayment of their loans using UPI which is fully secure, convenient and automated. We are also glad to witness UPI AutoPay foraying into micro finance space and we are hopeful that it will see a widespread adoption among MSMEs and Joint Liability Groups seeking basic access to financial aid as per their capabilities.It is our constant endeavor at NPCI to get UPI AutoPay to venture into diverse sectors and offer a seamless recurring payment mechanism for the ease of customers.”

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