Razorpay launched UPI AutoPay on QR at the Global Fintech Fest 2023 for subscription-based businesses. It partnered with the National Payments Corporation of India (NPCI) to streamline and simplify the challenges associated with such businesses
NPCI wrote on X (Twitter), "Now allowing recurring mandates, UPI AutoPay on QR bridges the gap between online and offline to allow you to subscribe from anywhere as shared by @PayUindia @gocashfree and Razorpay."
Follow these simple steps to set up UPI AutoPay:–
• Register for UPI AutoPay mandate from a merchant’s website as well as from the UPI app she/he uses. You need to provide the merchant’s UPI ID, frequency of payment, amount to be debited and validity period
• You will receive a notification to authorise the AutoPay request on the UPI app. You need your UPI PIN to authorise it. After your PIN is verified, you will receive a confirmation message on the registered email ID and mobile number
• Setting up the UPI AutoPay facility is a free process
Continue viewing BT Visual Story
Catch the latest business news, share market updates, expert analysis and exclusives only on BTTV.in
• You can even set up auto pay from your savings account using internet banking
• Using UPI AutoPay you can make recurring payments through apps like Paytm, GooglePay, PhonePe, etc.
After creating a QR code, businesses will be able to include them in their online, print, and TV ad and product packaging
The frequency of recurring payments available on UPI AutoPay is daily, weekly, fortnightly, monthly, bi-monthly, quarterly, half-yearly, and annually, or as and when presented by the merchant
Users do not have to remember the virtual payment address. They can make the payments directly by scanning the QR code using any payment service provider’s app
UPI AutoPay recurring payment will fail and the merchant will be informed of it in case of insufficient funds in the customer’s account. The bank will not levy any fine or penalty for not maintaining sufficient balance for the payment. If the very first AutoPay debit of a customer fails due to lack of funds, the mandate will be cancelled
A QR code allows you to manage subscriptions and recurring payments and increases the success rate by simplifying the checkout process. For example, one can renew subscriptions to an OTT platform using the same QR cod