The UPI AutoPay facility has seen widescale adoption by consumers as the norms for standing instructions for recurring payments of the Reserve Bank of India kicked in from October 1.
Data with the National Payments Corporation of India revealed that there were over 40.3 lakh mandate registrations on AutoPay in October with 39 remitter banks on the platform. A total of 1.33 crore mandates were executed on AutoPay last month.
State Bank of India, HDFC Bank and Bank of Baroda are the top three banks in terms of registration of mandates in October with 13.8 lakh, 4.04 lakh and 3.56 lakh mandates registered respectively with them.
Mandate registration refers to the transaction when the consumer creates a recurring mandate for recurring payments. Execution refers to the transaction when the recurring debit is done on the remitting account.
Sharp uptick
In September too, UPI AutoPay saw a sharp uptick in customer adoption with a 31.43 lakh mandates registered with 35 banks. Over 70.9 lakh mandates were executed on AutoPay in September.
The transactions in October and September were a sharp jump from August when just 17.7 lakh mandates were registered and a total of 33.5 lakh mandates were executed.
The UPI AutoPay services was launched last year for recurring payments. Customers can enable recurring e-mandates on it for payments such as utility bills, entertainment subscriptions, EMI payments, insurance and mutual funds.
A number of merchants including PhonePe, Netflix, Paytm, Gaana, Disney Hotstar, Policybazaar are live on the platform.
Experts and banks had expected it to gain popularity amongst consumers and a surge in card and UPI-based mandates as many payment providers were still in the process of meeting the RBI’s recurring payment norms.