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Third party apps turn to UPI autopay mode
September 07, 2021
The National Payments Corporation of India (NPCI) UPI Autopay service, which was launched last year, is gaining traction after a slow start with top traders, for example, Netflix and Hotstar joining. Unified Payments Interface (UPI) applications PhonePe and Google Pay are likewise in various stages of rollout and testing.
The buildup in transaction energy comes in front of Reserve Bank of India (RBI) rules for card-based transactions through standing instructions that produce results one month from now.
Autopay permits clients to make repeating exchanges beneath ₹5,000 through UPI applications. The greater part of these presently happen through card-based orders that are more modern, and settlements more costly. Autopay’s likely utilizes incorporate loan repayments, rent payments, educational fees and subscriptions.
Two of India’s biggest over the top (OTT) streaming services, Netflix and Disney+ Hotstar, went live on UPI Autopay this month.
Without a doubt 100 other online traders across classes like real time, financial services, wealth management, news media and training are figured out how to be in different phases of testing before full-scale rollouts, individuals aware of the matter told ET.
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