Razorpay Launches ‘UPI Autopay On QR’ For Subscription-Based Businesses

Razorpay Launches ‘UPI Autopay On QR’ For Subscription-Based Businesses

SUMMARY

Razorpay UPI Autopay on QR aims to simplify and streamline the challenges faced by subscription-based businesses by making the UPI payment process for subscription quicker

Businesses can create QR codes for their subscription services and integrate them into their marketing strategies

Customers will have to just scan the QR code and make the payment to get subscription of the businesses

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.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Razorpay Launches ‘UPI Autopay On QR’ For Subscription-Based Businesses-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Razorpay Launches ‘UPI Autopay On QR’ For Subscription-Based Businesses-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Razorpay Launches ‘UPI Autopay On QR’ For Subscription-Based Businesses-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Razorpay Launches ‘UPI Autopay On QR’ For Subscription-Based Businesses-Inc42 Media
Razorpay Launches ‘UPI Autopay On QR’ For Subscription-Based Businesses-Inc42 Media
You’re in Good company