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In focus
- The dark side of India’s UPI autopay feature
- Chinese founders building powerful empires in SEA
- TikTok-Tokopedia still hasn’t answered the big questions we raised in 2024
Hello reader,
I have been a loyal subscriber to a milk delivery service in Bengaluru for over four years. But every now and then, I would forget to top up my e-wallet, which – suffice it to say – led to milkless mornings.
So in May, I decided to end the chaos and set up a UPI autopay mandate.
The plan was simple: Whenever my payment wallet went below 200 rupees (US$2.3), an amount of US$23 (roughly 2,000 rupees) would be automatically reloaded. The first time, it worked like a charm.
On June 4, US$23 was charged to my account, which was expected, as my wallet balance was low. But the next day, I was charged another US$23.
As you can expect, I called customer care. They were just as clueless, and admitted they were new to the UPI autopay universe too.
In today’s top story, I dive into the dark side of UPI autopay and the Indian startups that are “milking” users dry using the feature.
For instance, there are several apps that offer a trial of their products or services for 1 to 2 rupees to be paid via UPI payments. But hidden in fine print is a recurring payment system that automatically deducts money every month.
As UPI autopay becomes mainstream, more users are at the risk of slipping into this set-and-forget cycle.
Then we move to China, whose people are quietly building powerful companies across Southeast Asia. Chinese founders have started eight unicorns in Southeast Asia, which makes up 13% of all billion-dollar startups in the region.
Many of these Chinese founders are discreet but are highly influential in shaping the region’s digital economy. To learn more, check out the visual story below.
Samreen Ahmad, journalist
Top Stories
1️⃣ Red flags rise as UPI autopay fuels profit surge of Indian apps
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