Satin Creditcare Network introduces UPI AutoPay for easy loan EMI payments
Satin Creditcare Network Limited (SCNL) has introduced UPI AutoPay in an effort to make loan EMI payments more seamless for its customers.
The Indian microfinance institution said that UPI AutoPay will also help drive financial inclusion and increase cashless transactions in the country.
Launched by the National Payments Corporation of India (NPCI) in 2020, UPI AutoPay will also empower Satin Creditcare Network’s customers to verify the mandated transaction before its authentication. The microfinance institution said that all the subsequent payments of borrowers can be executed seamlessly without the need of manual intervention.
Satin Creditcare Network said that it will be the first time that customers can pay their loan EMIs through UPI platform. The company said that its banking partner HSBC India by associating with it has become the only multinational bank as part of the UPI AutoPay platform.
The alliance with HSBC and NPCI would ensure a unique, hassle-free, and effective loan repayment experience for borrowers, said the Indian microfinance institution.
Satin Creditcare Network introduces UPI AutoPay for easy loan EMI payments. Photo courtesy of Free stock photos from www.rupixen.com from Pixabay.
Siddharth Rungta – Country Head, Global liquidity and Cash Management, HSBC India said: “We are focused on leveraging emerging technologies, innovation and developments in digital payments infrastructure to offer customized solutions to our clients. Our partnership with Satin Creditcare Network Ltd on UPI AutoPay solution is one such example.
“In this case, we’ve integrated our API (Application Programming Interface) stack with the AutoPay functionality for recurring payments to enable an efficient and fully automated EMI collections solution. This will support Satin Creditcare in their endeavour towards driving financial inclusion for low income communities and women entrepreneurs across India.”
Satin Creditcare Network said that the integration of UPI AutoPay will help it cut down risks associated with cash management, save the time of customers in center meetings, and maximize their convenience. This will bring more efficiency to the process and bolster the overall collection framework, said the Indian microfinance institution.
HP Singh – Chairman and Managing Director of Satin Creditcare Network said: “It is a delight to partner with NPCI and HSBC in making UPI 2.0 a reality for microfinance users. The payments ecosystem is evolving, and improved customer experience is at the heart of this transformation.
“Instant service and no human intervention are the defining attributes of future consumer payment experiences. UPI AutoPay has the potential to accelerate and drive cashless collections at a much faster pace.
“It is time to go beyond conventional cash collections and scale-up digital transactions. With the COVID-19 led ‘new normal’ here to stay, implementing innovative solutions like UPI AutoPay are need of the hour. India’s focused on-ground implementation of the Pradhan Mantri Jan Dhan Yojana (PMJDY) is a massive asset that has augmented India’s banked population.”