MandatMatrix Explained - The Blockchain Backbone of Real-Time UPI Autopay
In June 2025, Bajaj Finance Ltd. (BFL), in partnership with Auro FinTech and Spydra, launched MandatMatrix, a pioneering blockchain-powered Unified Payments Interface (UPI) Autopay orchestration platform designed to fundamentally reshape how recurring payments are processed in India’s financial ecosystem. For years, mandate execution via UPI Autopay depended on manual, file-based processes that were slow, prone to errors, and lacked transparency. Previously, workflows like Pre-Debit Notification (PDN) generation - advance alerts sent to customers before a debit - along with transaction response updates and reconciliation, relied on batch uploads and delayed reports from partner systems. This led to visibility gaps of one or two days (T+1/T+2) for customer account updates. These inefficiencies introduced friction across operations, customer experience, and compliance functions.
MandatMatrix reimagines this entire value chain by introducing a real-time, transaction-level architecture powered by Hyperledger Fabric. This permissioned blockchain solution ensures that each transaction is recorded immutably, with end-to-end automation eliminating manual interventions entirely. With a demonstrated capability to process over 1,000 transactions per second (TPS) - a metric that refers to how many payment instructions the system can handle concurrently, the platform successfully handled more than 10 million UPI Autopay transactions within just four hours during its first month - establishing itself as one of the most scalable and resilient orchestration platforms in the country.
Integrating MandatMatrix Across India’s Financial Stack
Recurring payments are a foundational pillar of the financial sector.
Whether it’s EMIs, utility bills, or insurance premiums, institutions need robust, scalable systems to manage recurring debits reliably. As UPI Autopay adoption surged across India, particularly among NBFCs, fintechs, and traditional banks, legacy systems began to fall short of the real-time expectations of modern digital finance.
MandatMatrix addresses this gap by creating a trustless, decentralized ledger that records every mandate instruction and transaction update instantly and immutably. This eliminates the need for batch uploads, delayed reconciliations, and disconnected audit logs. Through its seamless integration with key internal systems such as the enterprise payment routing infrastructure and the core loan account management platform, the platform ensures that mandate statuses are updated in real-time across the ecosystem. This operational visibility enhances governance, compliance, and customer trust.
The platform is built to serve a wide range of borrower segments. For retail consumers, MandatMatrix facilitates frictionless monthly repayments across Bajaj Finance’s extensive loan offerings - such as personal loans, home loans, two-wheeler and auto loans, EMI cards, and UPI-linked credit products. Customers benefit from real-time debit confirmations and automatic retries in case of payment failures. For small and medium enterprises (SMEs), which typically handle high-value transactions like professional loans, working capital financing, and vendor payments, MandatMatrix ensures reliable mandate execution and real-time dashboard visibility that supports better financial discipline. For corporate and enterprise clients, particularly in large-ticket lending and co-lending environments, the platform eliminates bottlenecks by allowing scalable, real-time processing of complex mandate flows across multiple linked accounts.
The segment-agnostic nature of MandatMatrix and its ability to integrate into core enterprise systems makes it a mission-critical enabler of Bajaj Finance’s vision for scalable, intelligent, and customer-centric financial services.
Emerging Trends - MandatMatrix at the Forefront of Digital Finance
Over the last few years, the Indian financial sector has witnessed a confluence of transformative trends.
One of the most significant is the explosive growth of UPI transactions, with monthly volumes now surpassing 12 billion. This dramatic rise in digital payment volume has placed unprecedented pressure on backend systems - not only to scale efficiently, but also to provide reliability, real-time visibility, and regulatory-grade transparency. The need for systems that can match the speed and expectations of a digitally empowered consumer base has never been more pressing.
In this landscape, MandatMatrix emerges as a forward-looking infrastructure that doesn't just react to these pressures but anticipates them. Unlike traditional systems that retroactively reconcile transaction data, MandatMatrix ensures that every mandate and response is written to a secure, tamper-proof ledger in real time. This foundational shift allows for faster exception handling, tighter fraud detection, and the ability to proactively manage compliance rather than respond after the fact.
Earlier blockchain experiments in BFSI often focused narrowly on tokenization or digital identity management. However, the evolution of platforms like MandatMatrix indicates a maturing ecosystem - one where blockchain isn't just a feature but a backbone of critical payment infrastructure. Its implementation using Hyperledger Fabric reflects a move towards enterprise-grade blockchain adoption that prioritizes permissioned access, confidentiality, and scalability. These attributes are essential for handling sensitive financial workflows where privacy, auditability, and resilience are paramount.
Furthermore, the regulatory landscape in India is rapidly evolving. With the introduction of the Digital Personal Data Protection (DPDP) Act, there is a renewed focus on how personal and financial data is stored, processed, and accessed. MandatMatrix’s architecture supports consent-driven data flows, ensuring that customer data is not only secure but also traceable and can be deleted as per legal requirements. It also aligns with the RBI’s guidelines for UPI Autopay and NPCI's standards for PDN protocols, making it a future-ready solution.
Equally important is the rise of real-time financial governance. Regulators are increasingly expecting financial institutions to provide live dashboards, proactive alerting mechanisms, and instantaneous audit logs. MandatMatrix offers precisely that—by replacing lagging partner-bank reports with dynamic dashboards, it enables proactive exception handling and continuous visibility into mandate success, failure, and retry behaviour. This level of granularity supports smarter, faster operational decisions and elevates both compliance and customer trust.
Globally, too, there is growing interest in decentralized but regulated financial infrastructures. From Europe’s Digital Operational Resilience Act (DORA) to data protection mandates in the APAC region, MandatMatrix’s design aligns with broader global expectations. As financial institutions around the world look to modernize legacy payment systems, platforms like MandatMatrix set a compelling precedent by showing that blockchain can offer the right blend of security, automation, and compliance—at scale.
In essence, MandatMatrix is not merely riding the wave of current financial technology trends - it is helping define them. By embedding blockchain deeply within recurring payment operations, it has demonstrated how institutions can achieve resilience, speed, and compliance in one unified architecture. And as these trends continue to evolve, MandatMatrix is already ahead of the curve.
MandatMatrix - The Value It Delivers
MandatMatrix has delivered measurable benefits across speed, automation, accuracy, transparency, and regulatory compliance. With its high-throughput performance, the platform can easily handle over 1,000 transactions per second, ensuring that even on high-load days, millions of transactions are processed seamlessly within hours. This level of performance is crucial for managing the daily mandate traffic generated by a pan-India lending operation.
Another significant achievement is the platform’s ability to eliminate more than 15 hours of daily manual effort across operations such as PDN generation, transaction response updates, and reconciliation. With these functions now fully automated and 'ledger-synced (i.e., all actions are recorded and updated on the blockchain in real time) - institutions have seen a sharp reduction in human error, faster turnaround times, and significantly improved staff efficiency.
MandatMatrix also brings real-time visibility into the mandate lifecycle. Internal teams now access live dashboards showing success and failure rates, pending instructions, and partner system performance. This capability has transformed how exceptions are handled and removed reliance on delayed end-of-day reports.
Customer experience has improved in parallel. Loan repayment status updates reflect instantly in statements of accounts (SOAs), service queries have declined significantly, and customers receive real-time payment confirmations, leading to increased satisfaction and trust.
MandatMatrix’s blockchain-first design further supports compliance with regulatory expectations. Its architecture aligns with the DPDP Act, RBI frameworks, and global digital security norms. Features such as role-based access control (RBAC), encrypted payloads, audit-ready logs, and consent-based data flows establish it as a privacy-forward, compliant solution that is ready for both domestic oversight and global best practices.
Scalability & Innovation - The Future of MandatMatrix in India’s Fintech Landscape
Looking ahead, MandatMatrix is poised to evolve into a universal mandate infrastructure that extends well beyond UPI Autopay. The platform’s architecture is being extended to cover NACH mandates, insurance premium renewals, mutual fund SIPs, and other recurring payments, thereby offering full coverage across the recurring payments spectrum.
As the DPDP Act and global frameworks like DORA push financial institutions toward resilient and privacy-compliant architectures, MandatMatrix is already setting the standard. Its privacy-by-design features, encrypted payloads, smart contracts, and audit-ready logging provide a regulatory foundation that’s both proactive and adaptive.
One of the most exciting developments on the roadmap is the transition to a multi-institution blockchain consortium. This would allow different BFSI players to collaborate on a shared ledger for mandates, thereby reducing duplication, streamlining verification, and creating a trusted national infrastructure for recurring payments.
The platform is also being enhanced with smart contract functionality and AI-driven logic. This includes predictive failure alerts, automated dispute resolution, and smart retry mechanisms—all of which will make mandate processing more intelligent and self-correcting.
In the longer term, MandatMatrix is being architected for compatibility with India’s Central Bank Digital Currency (CBDC) framework, ensuring that the platform remains relevant as the digital payments ecosystem continues to evolve. With its demonstrated scalability and modularity, MandatMatrix is well-positioned for adoption in international markets, particularly across Southeast Asia, Africa, and the Middle East, where secure, real-time mandate infrastructure is in high demand.
From Innovation to Impact - The MandatMatrix Transformation
MandatMatrix represents a landmark in India’s digital finance transformation. By combining the trust infrastructure of blockchain with the operational precision of real-time automation, BFL, along with its technology partners, has built a platform that redefines how recurring payments are executed, reconciled, and governed. This isn’t merely an improvement over past systems - it is a systemic shift. MandatMatrix eliminates the dependency on outdated manual processes, offers auditable transparency, and provides instant updates that benefit both institutions and end-users. MandatMatrix is now a key part of Bajaj Finance’s digital payments system, supporting a large share of its UPI mandate transactions.
As India continues to lead the world in digital payment innovation, MandatMatrix stands as a blueprint for the future - a model of how technology, when applied thoughtfully, can scale financial inclusion, regulatory trust, and operational excellence in equal measure.