Capital Float introduces NPCI’s UPI AutoPay feature
By Leandra Monteiro
Capital Float, a BNPL and credit platform, has collaborated with NPCI, to offer UPI enabled EMI auto-repayments on its Buy Now Pay Later offering, Walnut 369. The automated repayment feature via UPI has been designed to enhance customer convenience.
With the Indian payments ecosystem constantly evolving, UPI AutoPay leverages emerging technologies and developments in the digital payments space to offer highly flexible solutions. By using UPI AutoPay, the credit repayment schedule is automated to adhere to the customers’ preferences and comfort, with no manual intervention required in the future. This facilitates an efficient and fully automated EMI Collection solution.
Mr. Amit Bhor, Chief Product Officer, Capital Float said, “We are thrilled to partner with NPCI, an entity credited with paving the way for the Indian ‘FinTech’ revolution and leading the change in digital payments. The integration of UPI AutoPay into our product Walnut 369, makes BNPL checkout and repayments frictionless and instant. With both merchants and customers winning with this solution, this is an exciting innovation by NPCI”
Mr. Nalin Bansal, Chief of Fintech and Merchant Solutions, NPCI said, “We are happy to collaborate with Capital Float for the integration of UPI AutoPay, which will allow their borrowers to experience the convenience of UPI with an additional layer of safety while paying their EMIs. We are seeing huge interests from merchant categories like OTT, Wallets, Mutual Funds, Microlending, Bill Payments, etc. who want to adopt the UPI framework, especially after the expiry of 30th September deadline for migrating to a more secure method of recurring payments. We are glad to witness the evolution of UPI AutoPay and are very optimistic about this feature becoming the de-facto choice of the ecosystem.”
Owing to the pandemic induced macro-economic changes, ‘Buy Now Pay Later’ (BNPL) has gained widespread prominence, with millennials, new-to-credit and non-carded customers opting for the credit offering as their preferred mode of finance. The newly implemented UPI AutoPay feature will facilitate higher customer convenience while simultaneously providing for better mitigation of risk.
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December 08, 2023