Microfinance institution Satin Creditcare Network Ltd (SCNL) has further digitized its payment landscape, allowing loan EMI payments by customers through UPI AutoPay.
With this, SCNL has become the first player in the micro-finance segment to go live on this unique functionality that promotes cashless transactions. This will also be the first time that customers can pay their loan EMIs, via the UPI platform.
HSBC India is a banking partner to Satin Creditcare in this initiative. By associating with Satin Creditcare, HSBC India has become the only international bank part of the UPI AutoPay platform.
This strategic alliance between Satin Creditcare, HSBC and NPCI would ensure borrowers get a unique, hassle-free and effective loan repayment experience, a statement said.
UPI AutoPay, which was launched by the National Payments Corporation of India (NPCI) last year, 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.
With Satin taking the lead in integrating UPI AutoPay into its system, the possibilities for other firms in NBFI and MFI sectors are wide open for them to plan about onboarding this innovative feature for convenience of their customers.
The integration of UPI AutoPay would help SCNL reduce cash management risks, save customers’ time in centre meetings, maximise customer convenience, bring more efficiency to the process and strengthening the overall collection framework, the MFI said in a statement.