In an attempt to make it easier for users to pay for apps and in-app subscriptions, Google Play has finally launched UPI Autopay as a payment option in India. Introduced under Unified Payments Interface (UPI) 2.0 by the National Payments Corporation of India (NPCI), UPI Autopay will let customers make recurring payments using any UPI application that supports the feature.
The addition of UPI Autopay payment option for subscriptions is likely to bring some relief for users as recurring payments have been failing since the Reserve Bank of India (RBI) announced new norms where firms are no longer allowed to store card information without the consent os users.
UPI Autopay makes setting up subscriptions easy for users. After selecting a subscription plan for purchase, users need to simply tap on the payment method in the cart, select “Pay with UPI”, and then approve the purchase in their supported UPI app.
“We are always looking at adding popular and effective forms of payment around the world to ensure people can pay for apps and in-app content conveniently. With the introduction of UPI Autopay on the platform, we aim to extend the convenience of UPI to subscription-based purchases, helping many more people access helpful and delightful services – while enabling local developers to grow their subscription-based businesses on Google Play,” Saurabh Agarwal, Head of Google Play Retail and Payments Activation – India, Vietnam, Australia and New Zealand, said in a statement.
With this, Google Play now lets its consumers transact safely and seamlessly in more than 170 markets. The platform has also been focused on removing complexities associated with finding and integrating local payments, including access to over 300 local payment methods supported in more than 60 countries.
UPI has become a popular payment method in the country and the Unified Payments Interface platform processed 7.3 billion transactions in the month of October, a record high as India witnessed a bumper festive season. According to NPCI, UPI processed 7.3 billion transactions worth Rs 12.11 trillion in October.
The volume was up 73 per cent while the value of transactions was up 57 per cent (year-over-year). Launched in 2016, UPI crossed 1 billion transactions in October 2019.
Nearly 76 per cent Indians now prefer using UPI during online checkouts while more millennials (84 per cent) are now using UPI when shopping online, a recent report said.