UPI AutoPay e-mandates jump 32% to 6 million in December, shows data

The AutoPay platform of UPI is also being touted as the pillar for its next phase of growth

The Unified Payments Interface’s (UPI’s) AutoPay feature, which enables customers to set up recurring e-mandates using any UPI application, has seen massive traction since the Reserve Bank of India’s (RBI's) new rules on standing instructions for recurring payments on cards kicked in from October last year.

In December alone, the volume of mandates registered by remitter banks on UPI’s AutoPay feature touched 6 million, up 32 per cent from the previous month, revealed the data released by the National Payments Corporation of India (NPCI) — the umbrella organisation for digital payments in the country.

In November, remitter banks registered around 4.55 million