PhonePe registers 1 million AutoPay mandates on UPI in just 3 months
National, September 8th, 2021: PhonePe, India’s leading digital payments company, today announced that it has registered over 1 million UPI-enabled AutoPay mandates since the feature was launched in June this year. This makes PhonePe the first digital payments platform to achieve this milestone. UPI AutoPay has been enabled on PhonePe for varied use cases such as mutual funds SIPs, Wallet Auto top-ups and for OTT subscription renewals.
UPI AutoPay has seen large-scale adoption on PhonePe in a short span of time, particularly in the wallet top-up category. This uptick has been driven on the back of an enhanced user experience for recurring payments. Users no longer have to remember payment due dates or deal with paused or cancelled subscriptions due to accidentally missed payment dues. Users can set up recurring mandates with all the top banks live on the UPI AutoPay platform.
Speaking about this milestone, Sonika Chandra, Vice President – Consumer Payments at PhonePe said, “This is a significant milestone for the Autopay feature and we are delighted to have achieved it within just 3 months of the launch. 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.”
PhonePe is India’s largest digital payments platform with over 300 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments, buy gold and make investments. PhonePe forayed into financial services in 2017 with the launch of Gold providing users with a safe and convenient option to buy 24-karat gold securely on its platform. PhonePe has since launched several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, and insurance for the COVID-19 pandemic among others. PhonePe had launched its Switch platform in 2018, and today its customers can place orders on over 600 apps including Ola, Swiggy, Myntra, IRCTC, Goibibo, RedBus, etc. directly from within the PhonePe mobile app. PhonePe is accepted at 20+ million merchant outlets across Bharat.
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