Mumbai: Satin Creditcare Network Limited (SCNL) (NSE: SATIN, BSE: 539404), one of the leading microfinance institutions in the country, continues to digitize its payment landscape. In an effort to drive financial inclusion and boost cashless transactions in the country, SCNL has made loan EMI payments more seamless for its customers by introducing UPI AutoPay.
SCNL is the first player in the micro finance segment to go live on this unique functionality. This will also be the first time that customers can pay their loan EMIs via UPI platform.
HSBC India is a banking partner to Satin Creditcare and has always been partnering with corporates from multiple strategic sectors to offer meaningful solutions to them.
By associating with Satin Creditcare, HSBC India has become the only international bank as 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.
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.
SCNL has always been committed to offer financial assistance to the under banked population of the country. By implementing UPI AutoPay, the company would redefine borrowers’ perspective towards EMI payments.
The integration of UPI AutoPay would help SCNL reduce cash management risks, save customers’ time in center meetings, maximize customer convenience, bring more efficiency to the process and strengthening the overall collection framework.
The company has facilitated this digital ecosystem across all its branches in India. SCNL has been at the forefront of innovation and takes pride in its customer-centric technology prowess in the industry.
It has already begun to disburse 100 per cent of its loans in cashless mode and with its comprehensive suite of cashless collection provisions such as UPI, online web portal, customer service app and UPI AutoPay, it successfully establishes itself as a new-age technologically driven enterprise.
Since its inception in July 2020, UPI AutoPay has ventured into multiple sectors including fintech, media & entertainment, education, stock broking, etc. to offer a frictionless payment experience to customers and businesses.
With UPI AutoPay taking care of customers’ recurring payment schedule by providing customizable integration facility, the ecosystem may see companies from various sectors adopting this innovative functionality in the days to come.