How many of you are excited about this? It enables recurring payments through UPI without the hassle of entering the code for transactions less than <2k.
Many organisations, including Axis Bank, Policybazaar, Razorpay, Timesprime, PayUIndia, among others will be providing the option of UPI AutoPay to its customers for recurring payments of subscriptions, monthly and yearly payments.
Which would be the largest use case for you - utility payments or passes for public transport (Metro, Bus, Train etc.) or something else?
Subscriptions, bill payments, other use cases like tuition fee for kids, etc.
There are certain things I can’t avail online due to requirement of a credit card.
Seems like we have a solution!
This is a host of new opportunities, Subscription fees to OTT to Insurance premiums to many things!!
Tbh, this doesn’t affect me much cus I use Credit card over UPI to reap the sweet reward points
This is a great news. UPI likely to garner 1B+ transaction a day by 2025.
UPI Recurring will be key enabler to improve the unit eco (LTV>CAC) for digital subs businesses.
Can someone help me understand how this is different from an E-mandate?
@Seema are you talking about NACH e mandate? If that’s the case, it is on the account and can be done through a linked debit card or internet banking facility. Whereas UPI autopay will be similar to the card-based autopay facility.
e-mandates will never go out of vogue. It offers more control to a lender!
Upi based auto pay can’t be controlled by lenders, like ecs. Am I right?
If I link two accounts in PhonePe, I can switch among the two in case I plan to close an account. More power to the consumers.
Now will sips be deducted like this ?