- PayU merchants can offer customers subscription payments across OTT, education, online delivery, utility bill payments and other sectors
NEW DELHI, July 28, 2020 /PRNewswire/ -- PayU, India's leading online payment solutions provider, today announced the integration of the UPI AutoPay feature for merchants. A front-runner in offering innovative solutions, the step re-affirms PayU India's commitment to equip merchant partners with the latest technologies. With this integration, PayU merchants can offer UPI AutoPay to all customers and automate collection of recurring payments of up to Rs. 2000 per transaction.
UPI is one of the most popular payment modes on the PayU platform and UPI AutoPay is poised to be a game-changer for frequent, small ticket and daily transactions. This feature will greatly increase consumer convenience by streamlining recurring payments across segments such as mobile bills, electricity bills, EMI payments, education, entertainment/OTT subscriptions to name a few. Setting a new standard of innovation, UPI AutoPay will enable merchants to automate billing, improve cash flows and offer better pricing.
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. Given the benefits of UPI AutoPay such as fixed payment schedules, easy, and customizable integration, we expect a majority of our merchants to adopt this feature."
Krupal Parchure, Head UPI Product and Strategy at NPCI, said "With UPI AutoPay, customers can now subscribe to merchant services after one-time authentication through their UPI app. Merchants can debit customers for payments based on various frequencies and can offer easy cancellation services with zero fees and no refund-related hassles. A pre-notification will inform customers about charges to be levied. At NPCI it's our constant endeavor to innovate and bring in customized digital solutions for the customers and provide them an exceptional digital payments experience."
With UPI AutoPay, customers can create, approve, modify, pause as well as revoke auto debit mandate on the 'mandate' section of their UPI-enabled application. 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.
About PayU India
PayU, India's leading online payment solutions provider, is regulated under the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market.
PayU provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology. In India, PayU serves more than 350,000 merchants with 70+ local payment methods and is the preferred payments partner for nearly 60% of the e-commerce merchants, including all leading e-commerce companies and a majority of airline businesses.
PayU also developed LazyPay in 2017, an alternate lending platform to offer credit solutions such as Small Ticket Credit (Buy Now Pay Later), App-based loans (Instant personal loans) and Point of Sale Credit (Merchant EMI). LazyPay Buy Now Pay Later is currently live on 100+ merchants such as Byju's, Swiggy, Flipkart, Makemytrip, Dunzo, Vodafone, Zomato, Bookmyshow, Oyo, Tata Sky and many more.