Razorpay looks to empower subscription-based businesses with its latest offering UPI Autopay
It aims to simplify payments for such businesses and their customers and help them reach a broader audience and achieve higher sales
- Sep 6, 2023,
- Updated Sep 6, 2023 5:29 PM IST
Full-stack payments and business banking platform Razorpay on Wednesday launched UPI Autopay on QR with an aim to streamline and simplify the challenges associated with expanding and maintaining subscription-based businesses, marking an industry-first achievement. “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,” Khilan Haria, SVP and Head of Payments Product, Razorpay said at the Global Fintech Fest in Mumbai.
He adds that 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. By simplifying payments for these businesses and their customers, we aim to help them reach a broader audience and achieve higher sales while elevating the customer journey,” he said.
Today, UPI Autopay has emerged to become a ubiquitous way for making recurring payments with RBI Bulletin highlighting a 143% year-on-year growth in successful transactions under the UPI Autopay feature. “Being prevalent across various realms of businesses, from OTT platforms to investments and insurance, UPI Autopay is on its way to becoming the second nature of accepting and making recurring payments with ease, in India,” Razorpay said.
With this launch, the company aims to drive rapid adoption and quick acceptance, thereby helping it to unlock their next growth opportunity. “Currently, customers are required to download the merchant app or log in to a website before they can subscribe to specific offerings. To ramp up their growth and widen their customer base for their subscription offerings, businesses need to be equipped with cutting-edge tech tools that can streamline their marketing channels. The lack of innovation in subscription payment methods, such as the ability to use a single QR code for multiple users to enrol in the subscription, has only added to this struggle,” he said.
Businesses, the company said, will be able to intelligently plug those in their marketing efforts across online advertisements, newspapers, billboards, websites, TV, product packaging, delivery bags, etc. enabling them to drive better growth and strongly sustain their footing in the market. “With its focus on building the country’s fintech infrastructure, Razorpay has endeavoured to bring innovative and seamless payment solutions to over 10 Million businesses. The company’s razor-sharp focus on building India’s financial backbone has made it the preferred platform for growing Indian businesses to scale their business,” he said.
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Full-stack payments and business banking platform Razorpay on Wednesday launched UPI Autopay on QR with an aim to streamline and simplify the challenges associated with expanding and maintaining subscription-based businesses, marking an industry-first achievement. “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,” Khilan Haria, SVP and Head of Payments Product, Razorpay said at the Global Fintech Fest in Mumbai.
He adds that 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. By simplifying payments for these businesses and their customers, we aim to help them reach a broader audience and achieve higher sales while elevating the customer journey,” he said.
Today, UPI Autopay has emerged to become a ubiquitous way for making recurring payments with RBI Bulletin highlighting a 143% year-on-year growth in successful transactions under the UPI Autopay feature. “Being prevalent across various realms of businesses, from OTT platforms to investments and insurance, UPI Autopay is on its way to becoming the second nature of accepting and making recurring payments with ease, in India,” Razorpay said.
With this launch, the company aims to drive rapid adoption and quick acceptance, thereby helping it to unlock their next growth opportunity. “Currently, customers are required to download the merchant app or log in to a website before they can subscribe to specific offerings. To ramp up their growth and widen their customer base for their subscription offerings, businesses need to be equipped with cutting-edge tech tools that can streamline their marketing channels. The lack of innovation in subscription payment methods, such as the ability to use a single QR code for multiple users to enrol in the subscription, has only added to this struggle,” he said.
Businesses, the company said, will be able to intelligently plug those in their marketing efforts across online advertisements, newspapers, billboards, websites, TV, product packaging, delivery bags, etc. enabling them to drive better growth and strongly sustain their footing in the market. “With its focus on building the country’s fintech infrastructure, Razorpay has endeavoured to bring innovative and seamless payment solutions to over 10 Million businesses. The company’s razor-sharp focus on building India’s financial backbone has made it the preferred platform for growing Indian businesses to scale their business,” he said.
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