UPI Auto-Pay Is A Big Hit: Netflix, Google Pay, SBI, BoB, Hotstar Join This New Payment Mode
The National Payments Corporation of India’s (NPCI) UPI Autopay service is being rolled out in India by Hotstar and Netflix.
The increase in transaction volume comes ahead of the Reserve Bank of India’s (RBI) new guidelines for card-based transactions via standing instructions, which will go into effect next month.
What Does The UPI Autopay Feature Do?
Users can use UPI apps to conduct recurring transactions under Rs 5,000 using Autopay.
The majority of these are currently carried out through more sophisticated card-based mandates, with more expensive settlements. Loan repayments, rent payments, university fees, and subscriptions are all possible uses for Autopay.
Netflix & Hotstar monthly membership Using UPI Autopay!
The UPI Autopay feature is being rolled out in India by Hotstar and Netflix.
If you want to sign up for a Netflix account and want to pay your monthly membership plan using no other method but through your phone pay or google pay, you certainly can do so.
According to Netflix, starting August 31, anyone signing up for a Netflix account in India will be able to pay for their monthly membership using Unified Payments Interface (UPI) AutoPay.
“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.”
Top 3 Banks Live On UPI Autopay
According to the NPCI website, State Bank of India, Paytm Payments Bank, and Bank of Baroda are the three largest banks live on UPI Autopay, having registered 660,000, 204,000, and 186,000 mandates, respectively, in August.
This is 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.