UPI AutoPay sees 28.34% rise in recurring mandates, shows data

Records over 4 mn mandate registrations in October, as against 3 mn in September

Subrata Panda Mumbai
online transaction

Mandate registration refers to the transaction wherein the consumer creates a recurring mandate for payments

At a time when recurring payments through cards saw huge disruptions because of the transition to the Reserve Bank of India’s (RBI’s) new guidelines on e-mandates, UPI AutoPay saw massive traction, with mandate registration recording impressive growth in October.
According to National Payment Corporation of India’s (NPCI) data, in October, the volume of mandates registered by remitter banks touched 4.03 million, a 28.34 per cent jump over September. In September, remitter banks registered 3.14 million mandates on the platform. Similarly, in August, 1.77 million autopay mandates were registered.
“Subscription services had to comply with the RBI’s rules and, traditionally, they would have just been on cards or on bank accounts. Now, a lot of these subscription services are migrating to UPI,” Praveena Rai, chief operating officer of NPCI, said to a television network (ETNow). “In fact, a number of internationa

Also Read

PhonePe received a million UPI autopay mandates in past three months

Record 7.7 million IPO mandates created via UPI in July, shows data

Razorpay, Mastercard launch MandateHQ for recurring payments

NPCI caught between managing UPI growth, curbing dominance of few players

UPI forms 10% of overall retail payments in FY21, says Macquarie report

Centre to restore MPLADS fund for last four months of FY22

Cement price will rise as cost of coal is up, says India Cements

Cabinet raises ethanol procurement prices effective December 1

Cabinet approval for new Census dates including NPR expected soon

Front-loading of govt expenditure goes for a toss as economy recovers

First Published: Nov 11 2021 | 2:04 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to