Following in the footsteps of Razorpay, fintech platform Cashfree Payments on Tuesday (September 12) said it has partnered with the National Payments Corporation of India (NPCI) to launch ‘AutoPay on QR’ for subscription-based enterprises.
The partnership will enable subscription-based businesses to enhance customer acquisition, support retention, and facilitate rapid growth, the company said in a statement.
The deployment of the new NPCI offering will help clients boost their return on investment (ROI) on ad spending by enabling mandate (of subscription) creation in two clicks. The fintech startup’s clients will be able to integrate their subscription QR codes into different marketing channels, including online ads, newspapers, websites and TV, thereby enhancing value derived from their promotional campaigns.
Cashfree is looking to leverage the offering to streamline the subscription process for its clients which currently is marred by poor onboarding experience and a lengthy process from downloading the end client’s app to setting up an account.
Through AutoPay on QR, Cashfree is looking to declutter the entire process, breaking down the process into two steps – scan a QR code and approve an e-mandate on UPI app within 30 seconds.
Speaking on the partnership with NPCI, Akash Sinha, cofounder and chief executive officer (CEO) of Cashfree Payments, said, “We are excited to partner with NPCI and launch ‘AutoPay on QR’, which empowers businesses to offer an elevated experience during the subscription activation process, while taking greater control of their business’ growth journey.”
The SBI-backed fintech platform’s announcement also comes days after competitor Paytm launched a new line of products in partnership with the NPCI, including Credit Line on UPI, Billpay Connect and UPI Tap & Pay.
This collaboration is part of the NPCI’s bid to achieve 100 Bn monthly UPI transactions in the near future. As part of this, the NPCI launched a long list of new products at the recently-concluded Global Fintech Fest 2023, including Credit Line on UPI, NFC-based offline payment modules UPI LITE X and Tap & Pay, and conversational payment products Hello! UPI and BillPay Connect.
The payments corporation also announced tie-ups with several fintech startups including PepperMoney, FamX, and PineLabs for prepaid cards, and LivQuik for a payments ring to elevate the digital payments ecosystem in the country.
Moreover, the NPCI is also planning to roll out the Bharat Bill Payment System (BBPS) for Non-Resident Indians (NRIs) living in the UK to enable them to make cross-border bill payments on behalf of their family members in India.
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