PayU rolls out UPI AutoPay feature for subscription payments
Jul 28, 2020
New Delhi [India] July 28 (ANI/PRNewswire): PayU, India's leading online payment solutions provider, today announced the integration of the UPI AutoPay feature for merchants.
A front-runner in offering innovative solutions, the step re-affirms PayU India's commitment to equipping merchant partners with the latest technologies.
With this integration, PayU merchants can offer UPI AutoPay to all customers and automate the collection of recurring payments of up to Rs 2000 per transaction.
UPI is one of the most popular payment modes on the PayU platform and UPI AutoPay is poised to be a game-changer for frequent, small tickets and daily transactions.
This feature will greatly increase consumer convenience by streamlining recurring payments across segments such as mobile bills, electricity bills, EMI payments, education, entertainment/OTT subscriptions to name a few.
Setting a new standard of innovation, UPI AutoPay will enable merchants to automate billing, improve cash flows, and offer better pricing.
"The enhanced subscription payment model, powered by UPI AutoPay, is set to bring in a new wave of business efficiency and consumer convenience. It furthers PayU's vision to create a frictionless payment experience. Merchants can now optimize their billing plans, improve revenues, and cash flow, and experience the versatility of a subscription suite. Given the benefits of UPI AutoPay such as fixed payment schedules, easy, and customizable integration, we expect a majority of our merchants to adopt this feature," said Manas Mishra, Chief Product Officer, PayU India on the integration of UPI AutoPay.
"With UPI AutoPay, customers can now subscribe to merchant services after one-time authentication through their UPI app. Merchants can debit customers for payments based on various frequencies and can offer easy cancellation services with zero fees and no refund-related hassles. A pre-notification will inform customers about charges to be levied. At NPCI it's our constant endeavor to innovate and bring in customized digital solutions for the customers and provide them an exceptional digital payments experience," said Krupal Parchure, Head UPI Product and Strategy at NPCI.
With UPI AutoPay, customers can create, approve, modify, pause as well as revoke auto-debit mandate on the 'mandate' section of their UPI-enabled application.
The mandates can be set for one-time, daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly and yearly. UPI users can create e-mandate through UPI ID, QR scan, or Intent.
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