AutoPay continues to see wide scale acceptance amongst customers even as a number of banks are still rolling out facilities for e-mandate for recurring transactions.
Data with the National Payments Corporation of India reveals that as many as 45.54 lakh mandates were registered in November and 1.84 crore mandates executed last month on the AutoPay platform.
State Bank of India, HDFC Bank and Bank of Baroda were the three top lenders for registration of mandates in November with 14.56 lakh, 4.56 lakh and 3.63 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.
The uptick in mandate registration and execution has continued over the last few months.
In the month of October, over 40.3 lakh mandates were registered and 1.33 crore mandates were executed on AutoPay. Similarly, in September 31.43 lakh mandates were registered and over 70.9 lakh mandates were executed on the platform.
AutoPay, which was launched last year, enables users to make recurring transactions upto ₹5,000 for payment of utility bills, entertainment subscriptions, EMI payments, insurance and mutual funds.
The auto debit guidelines for recurring payments were made effective from October 1, 2021. With many merchants moving to AutoPay to ensure convenience to customers, experts believe the platform has a huge scope for growth.
Major merchants live on AutoPay include Netflix, Paytm, Gaana, Disney Hotstar, Policybazaar.
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