Satin Creditcare incorporates UPI Autopay System for easy loan servicing

Satin Creditcare Network is one of the most trusted NBFC or non-banking finance companies in India. To improve the country’s economy and empower merchants and customers, Satin Creditcare Network Company introduced EMI loans. Since then, millions of Indians in more than 23 states have been accessing the loans in different capacities. However, most of them have loathed the repayment process, which is tiresome and lengthy. But after the recent company updates, EMI loan servicing will no longer be a problem. The company is currently using a new system called UPI AutoPay to ensure its customers repay EMI loans.

UPI AutoPay is a function designed, launched, and run by NPCI with the primary purpose of streamlining the use of the UPI payment system to revolutionize how individuals carry out online transactions. The function can get used in any UPI application, provided the individual possesses a compatible mobile device. Since introducing the UPI function, Satin Creditcare Network Limited is the first and only financial institution that has integrated the inventive function into its system.

A few days after Satin Creditcare launched the new program, the department of income tax e-filing portal got announced. Similar to UPI AutoPlay, the e-filing portal is meant to ease specific operations. To make this happen, Satin Creditcare had to work with HSBC, its banking partner, and NPCI, the creator of the technology. The managing director and chair of Satin Creditcare were keen to note that “the payments ecosystem is evolving, and improved customer experience is at the heart of this transformation.

Instant service and no human intervention are the defining attributes of future consumer payment experiences.” He also went ahead to state that “It is time to go beyond conventional cash collections and scale-up digital transactions.” With the payment system, Indians don’t need manual involvement to repay EMI loans which is a massive step for both SCNL and HSBC.

This is not the first time NPCI is making a groundbreaking innovation. After all, before introducing the UPI AutoPay function, NPCI had already launched a UPI payment system, one of India’s leading online deposit and withdrawal options. Millions of Indians use the method to pay for their online purchases. Furthermore, UPI is one of the most trusted online banking gateways used by players in the online gambling industry to transact money efficiently.

As a result, the availability of the UPI AutoPay function does not just benefit those with SME loans but also those running online retail stores. Some of the advantages of the UPI AutoPay system that NPCI guarantees include easy EMI settlements without the need to set reminders. Also, the AutoPay function allows timely payments, which means users will not have to worry about penalties due to delayed payment. Finally, the UPI AutoPay system ensures complete cashless transactions. That is because it eradicates any point of contact by making everything digital.

According to HSBC country head Siddharth Rungta, their partnership with Satin Credit Network Limited is aimed to help SCNL Company achieve its mission in ensuring financial empowerment to low-income Indian communities. He also confirmed that the HSBC API has the UPI AutoPay system and is currently helping them enhance their EMI loan collection efficiency.

Ms Praveena Rai of UPI confirmed that apart from being fully automated and convenient, the UPI AutoPay system is entirely secure. She proceeded with, “We are also glad to witness UPI AutoPay foraying into microfinance space, and we are hopeful that it will see a widespread adoption among MSMEs and Joint Liability Groups seeking basic access to financial aid as per their capabilities.” That shows how impactful the partnership was and how crucial it will remain, especially when it comes to its advantages to both parties. That is not just the two partnering companies but also everyone with an EMI loan and those seeking the loans.