UPI AutoPay top of charts in low-ticket recurring payments
UPI AutoPay.
UPI AutoPay is the recurring payment mandate run by the National Payments Corporation of India (NPCI) on the UPI payment mode. Consumers usually use the feature to pay for their entertainment, newspaper subscriptions and other small-value recurring payments.
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SBI, the country’s largest lender, is the leading player in terms of remitting AutoPay transactions. In November, the bank processed 3.8 million transactions, double the number a year earlier.
Currently, all the major payment applications like Google Pay, PhonePe and Paytm are processing UPI AutoPay payments.
Overall success rates of these transactions have gone up too. In November last year, SBI reported 91% approval rates for these transactions. For HDFC Bank, the number was around 94%. Currently, most of the major banks in this space report higher than 99% success rates for transactions.
Limit enhancement
In a letter dated December 14, NPCI has asked all banks and fintechs to enhance their limits for AutoPay transactions, in
