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
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