The National Payments Corporation of India<\/a> (NPCI<\/a>) UPI Autopay<\/a> service, which was launched last year, is gaining traction after a slow start with top merchants such as Netflix and Hotstar signing up. Unified Payments Interface<\/a> (UPI) apps PhonePe<\/a> and Google Pay<\/a> are also in various stages of rollout and testing. 的印度的国家支付公司(NPCI)UPI自动转帐服务,去年推出,是获得牵引经过缓慢的启动与Netflix和Hotstar等顶级商户签约。统一的支付接口(UPI)应用PhonePe和谷歌支付也在推出的不同阶段和测试。
The build-up in transaction momentum comes ahead of Reserve Bank of India (RBI) rules for card-based transactions through standing instructions that take effect next month.
Autopay allows users to make recurring transactions<\/a> below Rs 5,000 through UPI apps. Most of these currently take place through card-based mandates that are more sophisticated, and settlements more expensive. Autopay’s likely uses include loan repayments, rent payments, educational fees and subscriptions
Two of India’s largest over-the-top (OTT) streaming services, Netflix and Disney+ Hotstar, went live on UPI Autopay this month.
At least 100 other online merchants across categories such as streaming, financial services, wealth management, news media and education are learnt to be in various stages of testing before full-scale rollouts, people aware of the matter told ET.
State Bank of India, Paytm Payments Bank and Bank of Baroda are the three top banks live on UPI Autopay, having registered 660,000, 204,000 and 186,000 mandates, respectively, in August, according to the NPCI website, the first time this information has been made publicly available.
“Already nearly two million monthly mandates on UPI Autopay are being registered on UPI Autopay which is double the volume NPCI is doing on NACH mandates,” said a person in the know.
“The recurring mandates solution is gaining traction, and Netflix and Hotstar are in the initial stages of going live.” NACH or National Automated Clearing House is used by companies and financial institutions to handle bulk payments.
While UPI Autopay was officially launched in July 2020, only bank UPI apps such as those of SBI, HDFC Bank, ICICI Bank and Paytm Payments Bank were processing such transactions. India’s leading UPI app PhonePe went live only in June, whereas the second largest UPI app Google Pay is yet to do so, said people with knowledge of the matter.
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This also led to hesitancy among top merchants owing to concerns over implementation and failure rates, they said. Others on UPI Autopay are The Hindu, Times Prime, PayU, FSS, Testbook.com, Open, Angel Broking and 5paisa.com.
“UPI is already the most preferred digital payments option for consumers and merchants alike,” a Google Pay spokesperson said. “The UPI Autopay functionality is an important addition which we are working with players across the ecosystem — including banks, merchants, etc.— to enable end-to-end for UPI and Google Pay users.”
NPCI and didn’t respond to queries.
With two of the top three UPI apps — PhonePe and Paytm — on the platform, more merchants are getting on board.
“We launched in June and saw very good adoption,” said Deep Agrawal, head of payments, PhonePe. “We are majorly live for three use cases which are wallet top-ups, mutual fund SIPs and now with subscription services.”
Autopay is expected to be a gamechanger for small businesses collecting monthly fees, as it allows them to have a customisable debit agreement with customers through one-time consent. The mobile-native design of UPI also makes it easier for merchants to send pre-debit notifications to customers for these transactions.
Experts also attribute the uptick to the RBI rule that makes recurring payments through debit and credit cards more stringent. Banks have been mandated to re-engineer the transaction flow by adding new authentication factors such as pre-debit notifications to customers every month.
The deadline for implementing this was extended by six months by the RBI from April to October after banks collectively expressed their inability to comply with the initial deadline of March 31.
“We see massive opportunity for this piece to scale in the financial services, loan repayments and SIPs and insurance premiums,” said Harshil Mathur, chief executive of Razorpay. “We are also seeing the use case of wallet top-up driving a good chunk of the transactions.”
UPI Autopay can help change India’s recurring payments landscape.
“With UPI, such onboardings are relatively easier and less complex,” said Reeju Datta, co-founder of payment gateway Cashfree. “Autopay has a lot of promise and is a great opportunity to expand India’s recurring payments market, which till now has not really picked up. The use case can stretch from loan repayments, rent payments, education fees, subscriptions.”
ET was the first to report in March 2021 that banks including SBI, Axis Bank, HDFC Bank and ICICI Bank as well as card companies such as Mastercard and American Express were not in compliance with the new RBI rule on recurring payments and were thus prepared to decline all such transactions from April. Transactions worth more than Rs 5,000 crore were set to be disrupted in April due to this rule before RBI extended the deadline by six months.
Most banks are not yet in compliance, according to people with knowledge of the matter, which could lead to a further uptick in Autopay transactions as merchants migrate to the platform.
RBI’s extension of the deadline also came with the caveat that banks were not allowed to onboard any new card-based recurring mandates unless they were compliant with new rules. According to sources, this has also led to an uptick in traction on Autopay.<\/p><\/body>","next_sibling":[{"msid":85996123,"title":"'Reengineer platforms' to ensure traceability, govt to social media","entity_type":"ARTICLE","link":"\/news\/reengineer-platforms-to-ensure-traceability-govt-to-social-media\/85996123","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"85995511","title":"Autopay","entity_type":"IMAGES","seopath":"tech\/technology\/third-party-apps-turn-on-upi-autopay-mode\/autopay","category_name":"Third-party apps turn on UPI autopay mode","synopsis":"Illustration: Rahul Awasthi","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-2071609\/85995511.cms?width=150&height=112","link":"\/image\/tech\/technology\/third-party-apps-turn-on-upi-autopay-mode\/autopay\/85995511"}],"msid":85996136,"entity_type":"ARTICLE","title":"Third-party apps turn on UPI autopay mode","synopsis":"Autopay allows users to make recurring transactions below Rs 5,000 through UPI apps. Most of these currently take place through card-based mandates that are more sophisticated, and settlements more expensive.","titleseo":"telecomnews\/third-party-apps-turn-on-upi-autopay-mode","status":"ACTIVE","authors":[{"author_name":"Ashwin Manikandan","author_link":"\/author\/479252742\/ashwin-manikandan","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479252742.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":false,"msid":479252742,"author_name":"Ashwin Manikandan","author_seo_name":"ashwin-manikandan","designation":"Correspondent","agency":false}}],"analytics":{"comments":0,"views":399,"shares":0,"engagementtimems":1995000},"Alttitle":{"minfo":""},"artag":"ETtech","artdate":"2021-09-07 07:34:07","lastupd":"2021-09-07 07:34:53","breadcrumbTags":["UPI autopay","Third-party apps","national payments corporation of india","npci","Unified Payments Interface","phonepe","google pay","recurring transactions","MVAS\/Apps"],"secinfo":{"seolocation":"telecomnews\/third-party-apps-turn-on-upi-autopay-mode"}}" data-authors="[" ashwin manikandan"]" data-category-name="" data-category_id="" data-date="2021-09-07" data-index="article_1">
事务的积聚动能,印度储备银行(RBI)规则基于卡片的交易通过站指令,下个月生效。
自动转帐允许用户反复出现的交易下面通过UPI应用Rs 5000。目前大多数的发生通过基于要求更复杂,和结算更加昂贵。自动转帐的可能用途包括贷款偿还、租金、教育费用和订阅
至少100其他网上商家类别如流媒体、金融服务、财富管理、新闻媒体和教育学会是在测试的不同阶段全面糊涂事,人们意识到这件事告诉等。乐动扑克
印度国家银行,Paytm付款银行和巴罗达银行是三大银行靠UPI自动转帐,注册于660000年,204000年和186000年的规定,分别在8月份,根据NPCI网站,第一次已经公开的信息。
“已经将近二百万每月规定UPI自动转帐正在注册UPI自动转帐是双卷NPCI做去授权,“说一个人知道。
“重复授权解决方案获得牵引力,Netflix和Hotstar在初始阶段的生活。“票或国家使用自动清算公司和金融机构来处理批量付款。
UPI自动转帐2020年7月正式启动时,只有银行UPI的应用如印度国家银行,HDFC银行ICICI银行和Paytm支付银行处理此类交易。印度领先的UPI应用PhonePe只在6月上线,而第二大UPI应用谷歌支付尚未这样做,知情人士表示。
这也导致犹豫在顶级商户由于实现和失败率的担忧,他们说。其他UPI自动转帐是印度教,乘以' PayU, fs, Testbook.com,开放,天使经纪和5 paisa.com。
“UPI已经是最喜欢数字对于消费者和商家都支付选项,”谷歌的发言人说。“UPI自动转帐功能是一个重要的补充,我们正在与球员整个生态系统——包括银行、商人、等等,使端到端UPI和谷歌支付用户。”
NPCI,没有对此事作出回应。
有两个前三名的UPI应用——PhonePe和Paytm——平台,越来越多的商人。
“我们在6月推出,看到很好的应用,“深Agrawal说的支付,PhonePe。“我们主要是生活三个用例,钱包充值,共同基金口现在提供订阅服务。”
自动转帐有望改变游戏规则对小企业收取每月费用,因为它允许他们通过一次性可定制的借方同意客户同意。UPI的mobile-native设计也让商家更容易向客户发送pre-debit通知这些交易。
专家还将上升归因于印度储备银行规则,使得通过借记卡和信用卡更严格的重复支付。银行已经要求重新设计事务流通过添加新的身份验证因素如pre-debit每月通知给客户。
实现这个的最后期限延长6个月,印度央行从4月到10月在银行共同表达了他们无法符合3月31日的最后期限。
“我们看到巨大的机会,这段在金融服务规模,偿还贷款的sip和保险费,“Harshil Mathur称Razorpay的首席执行官。“我们也看到钱包充值的用例驱动一大笔的交易。”
UPI自动转帐可以帮助改变印度的经常性支付景观。
“UPI(新员工培训相对更简单、更复杂,”Reeju Datta说,支付网关Cashfree创始人之一。“自动转帐有很多承诺,是一个很好的机会扩大印度的重复支付市场,直到现在还没有真正拿起。用例可以从偿还贷款的延伸,租金,教育费用,订阅。”
ET是第一个报告2021年3月,印度国家银行等银行,Axis银行、HDFC银行ICICI银行和信用卡公司万事达卡和美国运通等不符合新央行规则重复支付,因此准备所有此类交易从4月下降。交易价值超过5000卢比被中断由于这个规则之前央行4月最后期限延长了6个月。
大多数银行尚未执行,知情人士称,这可能会导致自动转帐交易率进一步上升,因为商人迁移到平台。
央行的延长最后期限也警告,银行不允许在任何新的基于重复授权,除非他们符合新规则。据消息人士透露,这也导致增加牵引自动转帐。
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The National Payments Corporation of India<\/a> (NPCI<\/a>) UPI Autopay<\/a> service, which was launched last year, is gaining traction after a slow start with top merchants such as Netflix and Hotstar signing up. Unified Payments Interface<\/a> (UPI) apps PhonePe<\/a> and Google Pay<\/a> are also in various stages of rollout and testing.
The build-up in transaction momentum comes ahead of Reserve Bank of India (RBI) rules for card-based transactions through standing instructions that take effect next month.
Autopay allows users to make recurring transactions<\/a> below Rs 5,000 through UPI apps. Most of these currently take place through card-based mandates that are more sophisticated, and settlements more expensive. Autopay’s likely uses include loan repayments, rent payments, educational fees and subscriptions
Two of India’s largest over-the-top (OTT) streaming services, Netflix and Disney+ Hotstar, went live on UPI Autopay this month.
At least 100 other online merchants across categories such as streaming, financial services, wealth management, news media and education are learnt to be in various stages of testing before full-scale rollouts, people aware of the matter told ET.
State Bank of India, Paytm Payments Bank and Bank of Baroda are the three top banks live on UPI Autopay, having registered 660,000, 204,000 and 186,000 mandates, respectively, in August, according to the NPCI website, the first time this information has been made publicly available.
“Already nearly two million monthly mandates on UPI Autopay are being registered on UPI Autopay which is double the volume NPCI is doing on NACH mandates,” said a person in the know.
“The recurring mandates solution is gaining traction, and Netflix and Hotstar are in the initial stages of going live.” NACH or National Automated Clearing House is used by companies and financial institutions to handle bulk payments.
While UPI Autopay was officially launched in July 2020, only bank UPI apps such as those of SBI, HDFC Bank, ICICI Bank and Paytm Payments Bank were processing such transactions. India’s leading UPI app PhonePe went live only in June, whereas the second largest UPI app Google Pay is yet to do so, said people with knowledge of the matter.
This also led to hesitancy among top merchants owing to concerns over implementation and failure rates, they said. Others on UPI Autopay are The Hindu, Times Prime, PayU, FSS, Testbook.com, Open, Angel Broking and 5paisa.com.
“UPI is already the most preferred digital payments option for consumers and merchants alike,” a Google Pay spokesperson said. “The UPI Autopay functionality is an important addition which we are working with players across the ecosystem — including banks, merchants, etc.— to enable end-to-end for UPI and Google Pay users.”
NPCI and didn’t respond to queries.
With two of the top three UPI apps — PhonePe and Paytm — on the platform, more merchants are getting on board.
“We launched in June and saw very good adoption,” said Deep Agrawal, head of payments, PhonePe. “We are majorly live for three use cases which are wallet top-ups, mutual fund SIPs and now with subscription services.”
Autopay is expected to be a gamechanger for small businesses collecting monthly fees, as it allows them to have a customisable debit agreement with customers through one-time consent. The mobile-native design of UPI also makes it easier for merchants to send pre-debit notifications to customers for these transactions.
Experts also attribute the uptick to the RBI rule that makes recurring payments through debit and credit cards more stringent. Banks have been mandated to re-engineer the transaction flow by adding new authentication factors such as pre-debit notifications to customers every month.
The deadline for implementing this was extended by six months by the RBI from April to October after banks collectively expressed their inability to comply with the initial deadline of March 31.
“We see massive opportunity for this piece to scale in the financial services, loan repayments and SIPs and insurance premiums,” said Harshil Mathur, chief executive of Razorpay. “We are also seeing the use case of wallet top-up driving a good chunk of the transactions.”
UPI Autopay can help change India’s recurring payments landscape.
“With UPI, such onboardings are relatively easier and less complex,” said Reeju Datta, co-founder of payment gateway Cashfree. “Autopay has a lot of promise and is a great opportunity to expand India’s recurring payments market, which till now has not really picked up. The use case can stretch from loan repayments, rent payments, education fees, subscriptions.”
ET was the first to report in March 2021 that banks including SBI, Axis Bank, HDFC Bank and ICICI Bank as well as card companies such as Mastercard and American Express were not in compliance with the new RBI rule on recurring payments and were thus prepared to decline all such transactions from April. Transactions worth more than Rs 5,000 crore were set to be disrupted in April due to this rule before RBI extended the deadline by six months.
Most banks are not yet in compliance, according to people with knowledge of the matter, which could lead to a further uptick in Autopay transactions as merchants migrate to the platform.
RBI’s extension of the deadline also came with the caveat that banks were not allowed to onboard any new card-based recurring mandates unless they were compliant with new rules. According to sources, this has also led to an uptick in traction on Autopay.<\/p><\/body>","next_sibling":[{"msid":85996123,"title":"'Reengineer platforms' to ensure traceability, govt to social media","entity_type":"ARTICLE","link":"\/news\/reengineer-platforms-to-ensure-traceability-govt-to-social-media\/85996123","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"85995511","title":"Autopay","entity_type":"IMAGES","seopath":"tech\/technology\/third-party-apps-turn-on-upi-autopay-mode\/autopay","category_name":"Third-party apps turn on UPI autopay mode","synopsis":"Illustration: Rahul Awasthi","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-2071609\/85995511.cms?width=150&height=112","link":"\/image\/tech\/technology\/third-party-apps-turn-on-upi-autopay-mode\/autopay\/85995511"}],"msid":85996136,"entity_type":"ARTICLE","title":"Third-party apps turn on UPI autopay mode","synopsis":"Autopay allows users to make recurring transactions below Rs 5,000 through UPI apps. Most of these currently take place through card-based mandates that are more sophisticated, and settlements more expensive.","titleseo":"telecomnews\/third-party-apps-turn-on-upi-autopay-mode","status":"ACTIVE","authors":[{"author_name":"Ashwin Manikandan","author_link":"\/author\/479252742\/ashwin-manikandan","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479252742.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":false,"msid":479252742,"author_name":"Ashwin Manikandan","author_seo_name":"ashwin-manikandan","designation":"Correspondent","agency":false}}],"analytics":{"comments":0,"views":399,"shares":0,"engagementtimems":1995000},"Alttitle":{"minfo":""},"artag":"ETtech","artdate":"2021-09-07 07:34:07","lastupd":"2021-09-07 07:34:53","breadcrumbTags":["UPI autopay","Third-party apps","national payments corporation of india","npci","Unified Payments Interface","phonepe","google pay","recurring transactions","MVAS\/Apps"],"secinfo":{"seolocation":"telecomnews\/third-party-apps-turn-on-upi-autopay-mode"}}" data-news_link="//www.iser-br.com/news/third-party-apps-turn-on-upi-autopay-mode/85996136">
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