PhonePe completes 1 million autopay mandates on UPI in just three months

PhonePe has announced that it has registered over one million UPI-enabled AutoPay mandates since the feature’s launch 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 various use cases like Mutual Fund SIP, Wallet auto top-up and OTT subscription renewal. The company said UPI Autopay has seen “mass adoption” on PhonePe in a short span of time, especially in the wallet top-up category. This growth is due to better user experience for recurring payments. This facility essentially enables auto-payment of services before the due amount arrives. Users can set up recurring mandates with all top banks live on the UPI Autopay platform.

Speaking about the development, Sonika Chandra, Vice President of Consumer Payments, phonepesaid the company is pleased to have added over a million users in just three months. “Autopay is a big step forward for both customers and businesses as it provides a better user experience and enables innovations around the recurring payment based business model. We are now looking to enable Autopay for many more merchants and use cases. We are focused on doing this and hope to scale it up more significantly,” Chandra added in the press note.