Reported by: banking|Updated: June 7, 2021
Microfinance company Satin Creditcare Network has introduced UPI Autopay, the first firm in the microfinance space to introduce this facility offered by NPCI. The company hopes this will drive financial inclusion and boost cashless transactions in the country, while it will also be the first time when customers can pay their loan EMIs via UPI platform. HSBC India is a banking partner to Satin Creditcare and by associating with Satin Creditcare, the bank has become the only international bank as part of the UPI AutoPay platform. This strategic alliance between Satin Creditcare, HSBC and NPCI will ensure borrowers get a unique, hassle-free and effective loan repayment experience. UPI AutoPay will also empower customers of SCNL to verify the mandated transaction prior to authenticating the same. All the subsequent payments of borrowers can be seamlessly executed without any manual intervention. H.P. Singh, Chairman and Managing Director, Satin Creditcare Network, said with the covid-led ‘new normal’ here to stay, implementing innovative solutions like UPI AutoPay are need of the hour.