Fintech major Razorpay on Wednesday (September 6) launched ‘Razorpay UPI Autopay on QR’, in collaboration with the National Payments Corporation of India (NPCI), at the Global Fintech Fest 2023 for subscription-led businesses.
The new offering aims to simplify and streamline the challenges faced by subscription-based businesses by making the UPI payment process for subscription quicker.
By leveraging the widespread use of QR codes, this solution aims to help subscription-based businesses drive rapid adoption and encourage quick acceptance, Razorpay said in a statement.
With the new offering, businesses can create QR codes for their subscription services and seamlessly integrate them into their marketing strategies, spanning online ads, newspapers, billboards, websites, TV, product packaging, and delivery bags, Razorpay said.
A customer will only have to scan the QR code and make the payment.
Commenting on the new launch, Khilan Haria, SVP and head of payments product at Razorpay, said, “We embarked on a steadfast mission to provide businesses with optimal results, leveraging the synergy of India’s digital payments ecosystem and our technological expertise. Introducing ‘Razorpay UPI Autopay on QR’ innovation felt like a natural step in this direction.”
“With subscription-based businesses such as OTT platforms, and insurance providers having already established themselves in metropolitan and Tier 1 cities, Razorpay UPI Autopay on QR will play a pivotal role in their next phase of growth,” he added.
The National Payments Corporation of India (NPCI) launched UPI Autopay in 2020 to enable payments for recurring payments such as mobile bills, electricity bills, EMI payments, and OTT subscriptions.
The transition towards UPI Autopay has primarily been driven by a series of guidelines issued by the Reserve Bank of India (RBI) over the past four years. These guidelines aimed to tighten regulations for recurring payments, ensuring that such transactions do not occur without the explicit consent of users.
Earlier this year, tech major Apple introduced UPI Autopay as a new payment option for subscription-based purchases on its app store in India. Google also introduced UPI Autopay as a payment option for subscription-based purchases on Google Play in India last year.
In August, UPI transactions crossed the 1,000 Cr mark for the first time. It recorded 1,024.1 Cr transactions amounting to a total value of INR 15.18 Lakh Cr.
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