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PhonePe Clocks 1 Million Autopay Mandates on UPI in Just Three Months

PhonePe health insurance offers an easy three-step process of signup for buers
PhonePe health insurance offers an easy three-step process of signup for buers

UPI AutoPay can be enabled on PhonePe for varied use cases such as mutual funds SIPs, Wallet Auto top-ups and for OTT subscription renewals.

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Tech Desk| News18.com
Updated: September 08, 2021, 17:10 IST

PhonePe has announced that it registered over one million UPI-enabled AutoPay mandates since the feature debuted in June this year. In a press note, the company claims it is the “first digital payments platform to achieve this milestone." UPI AutoPay can be enabled on PhonePe for varied use cases such as mutual funds SIPs, Wallet Auto top-ups, and for OTT subscription renewals. The company adds UPI AutoPay has seen “large-scale adoption" on PhonePe in a short time, particularly in the wallet top-up category. This uptick has been driven on the back of an enhanced user experience for recurring payments. The feature essentially enables auto-payment of services before the due arrives. Users can set up recurring mandates with all the top banks live on the UPI AutoPay platform.

Speaking about the development, Sonika Chandra, Vice President of Consumer Payments at PhonePe, said the company is delighted to add over one million users in just three months. “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. We are now focused on enabling AutoPay for several more merchants and use cases and hope to scale it further significantly," Chandra added in the press note.

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Earlier this month, PhonePe launched PhonePe Pulse - an elaborate, interactive website that contains data, insights and trends related to digital payments via PhonePe in India. The PhonePe Pulse website currently showcases more than 2,000+ Crore transactions by consumers on an interactive map of India. Users can also find data on peer-to-peer payments, merchant payments, recharge and bill payments, financial services and others. The website highlights top states, districts, and pin codes that use PhonePe the most for digital transactions.

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first published: September 08, 2021, 17:10 IST