Strap: Leading digital payments company, PhonePe registered 1 million AutoPay mandates on UPI
Copy: India’s leading digital payments company, PhonePe announced it has registered over 1 million Unified Payments Interface (UPI) enabled AutoPay mandates since the feature was launched in June this year.
PhonePe becomes the first digital payments platform to achieve this milestone. PhonePe enabled AutoPay for varied use cases like mutual fund SIPs, Wallet Auto top-up and for OTT subscription renewals.
The fintech said, “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.”
Users no longer have to remember payment due dates or deal with paused or cancelled subscriptions due to accidentally missed payment dues and users can set up recurring mandates with all the top banks live on the UPI AutoPay platform, it added.
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.”
Sonia adds, “We are now focused on enabling AutoPay for several more merchants and use cases and hope to scale it further significantly.”