NEW feature rolling out for UPI!

Google Pay, PhonePe are bringing out Auto-Debit via UPI soon for Mobile Bills, OTT, EMIs, Insurance and more.

PhonePe and Google Pay are going to activate recurring payment mandate. The recurring payment method allow credit sales, and auto-debt facility for monthly payments. These can be applicable for electricity, mobile, EMIs, media subscriptions bills, and insurance premiums.

Google aims to launch it within the next month and are currenlty running tests. The method has been in discussion for sometime, currently, the people who have activated UPI recurring payments through their bank are able to make credit purchases for Rs. 2000.

Which is a tight credit amount, the merchanst will work to losen this up as there are already 10 banks which have started working on this method. Currently the two platforms which are wokring on activiating this for all their users have about 60 to 70 million users, thus there will be many many people who would start using this system in one single shot.

The system requires the user to authenticate themselevs, and based on whatever period they chose (the amount they can allow the debt to extend to) they can begin using the system. The UPI method is the fastest growing digital payment platofmr and has had more than Rs. 3000 Crore worth of transactions upon it.

This method would further ease out business, increase purchasing power, and also give the consuemrs a sense of security and the feeling of bottomless pocket. These are all methods to enhance the user's spending to start turnign the economy once again after the pandemic. By increases disposable income, and cash, or liquid assets in the hands of the customers the economic wheels can begin to turn.