It offers customers the significant benefit of being able to register their recurring payments one time without forgetting their monthly payments. It also offers services such as pre and post transaction alerts and the ability to opt-in or opt-out as per the customers' convenience as well as modify the payment as per their requirement, said Parag Rao - Country Head - Payments Business, Consumer Finance, Digital Banking & Marketing, HDFC Bank.
“We are bringing and launching this feature with our first partner, Policybazaar, which will allow customers to safely make their payments. We have lined up many other partners from utilities, telecom, direct-to-home, subscriptions and others”, he further added.
“The launch of UPI AutoPay will benefit the process of collecting merchant payments. The use-case we have is in the entertainment segment, this solution will make it very easy for customers to set up auto payments for their OTT subscriptions”, said Bijith Bhaskar, Nationl Head, ICICI Bank.
Transactions made through UPI in June 2020 reached an all-time high, both in terms of volume and value since its inception in 2016. In June, the transaction volume of UPI increased 8.9 per cent to 1.34 billion, from 1.23 billion in May, and the transaction value increased almost 20 per cent to Rs 2.61 trillion, from Rs 2.18 trillion.
In April, the transaction volume of UPI plummeted to 990 million, from 1.2 billion in March, a drop of more than 20 per cent, and the transaction value dipped 27 per cent to Rs 1.51 trillion, from Rs 2.06 trillion in March. The transactions reported in June through UPI surpass that of February’s (pre-Covid), both in terms of volume and value.