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Fintech startup Open Financial Technologies has announced that “It is rolling out UPI AutoPay feature for its 650000+ small business customers.”
Open in its statement said, “The AutoPay feature will allow a wide ride range of small businesses like Freelancers, Startups, SMEs to collect recurring payments from their customers of various needs.”
The UPI Autopay was launched in July, 2020, by NPCI to provide a better user experience and transparency to recurring payments.
Speaking on the development, Anish Achuthan, Co-founder & CEO, Open Financial Technologies Pvt. Ltd said, “Recurring payments has been a big pain point for small businesses. At a time when small businesses are moving to digital payments due to the pandemic, enabling UPI AutoPay helps small businesses to automate the collection, stay safe and focus on growing their business rather than worry about tracking receivables.”
Praveena Rai, COO, National Payments Corporation of India (NPCI) said, “We are delighted to collaborate with Open Financial Technologies and facilitate the adoption of UPI AutoPay. We believe with the introduction of this functionality, SMEs will benefit immensely as it will not only save their time and reduce manual efforts but also make their business transactions automated and secure. This unique auto-debit feature on UPI will also help small businesses manage their business operations and expenses seamlessly.”
“We are confident that it will act as an empowering agent for SMEs to be on-boarded into the business automation process backed up with an extra layer of convenience and safety. We are also pleased to witness UPI AutoPay increasingly becoming the preferred choice for both customers and merchants thereby transforming the way recurring transactions were being perceived,” Praveena added.