PayU: PayU rolls out UPI AutoPay feature for subscription payments
Online payment solutions provider PayU has announced the integration of the UPI AutoPay feature for merchants. With this integration, PayU merchants can offer UPI AutoPay to all customers and automate the collection of recurring payments of up to Rs 2,000 per transaction.
As per the company, UPI is one of the most popular payment modes on the PayU platform and it claims that the UPI AutoPay feature will increase consumer convenience by streamlining recurring payments across segments such as mobile bills, electricity bills, EMI payments, education, entertainment/OTT subscriptions etc. UPI AutoPay is aimed at enabling merchants to automate billing, improve cash flows and offer better pricing.
With UPI AutoPay, customers can create, approve, modify, pause as well as revoke auto-debit mandate via the ‘mandate’ section of their UPI-enabled apps. 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.
Commenting on the integration of UPI AutoPay, Manas Mishra, Chief Product Officer, PayU India. said, “The enhanced subscriptions 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.”