PhonePe receives 1 million UPI autopay mandates in 3 months
PhonePe supports UPI AutoPay for various use cases, including mutual fund SIPs, Wallet Auto top-ups, and OTT subscription renewals.
Since the feature's introduction in June of this year, PhonePe has logged over one million UPI-enabled AutoPay mandates. According to a press release, the business is the "first digital payments platform to accomplish this milestone." PhonePe supports UPI AutoPay for various use cases, including mutual fund SIPs, Wallet Auto top-ups, and OTT subscription renewals. According to the firm, UPI AutoPay has achieved "widespread acceptance in a short period, notably in the wallet top-up category". An improved user experience has driven this increase in recurring payments.
The function effectively allows for the automatic payment of services before the due date. On the UPI AutoPay platform, users may set up regular mandates with all of the leading banks.
Sonika Chandra, Vice President of Consumer Payments at PhonePe, commented on the news, saying the business is thrilled to have added over one million subscribers in only three months.
“AutoPay is a significant step forward for both users and companies since it delivers an improved user experience and allows for innovations in recurring payment-based business models. "We are currently working on enabling AutoPay for numerous additional merchants and use cases, and we aim to greatly grow it," Chandra said in a news release.
PhonePe introduced PhonePe Pulse earlier this month, an intricate, interactive website that provides statistics, insights, and trends linked to digital payments via PhonePe in India. The PhonePe Pulse website now displays over 2,000 crores in customer transactions on an interactive map of India. Data about peer-to-peer payments, merchant payments, recharge and bill payments, financial services, and other topics are available to users. The website displays the top states, districts, and pin codes for digital transactions that most utilise PhonePe.