New Delhi, Sep 6 (SocialNews.XYZ) Full-stack fintech platform Razorpay in collaboration with NPCI (National Payments Corporation of India) on Wednesday launched 'UPI Autopay on QR' that will transform customer onboarding into a swift two-step process, involving ‘scanning and paying’ under just 30 seconds.
According to the company, this pioneering solution aims to streamline and simplify the challenges associated with expanding and maintaining subscription-based businesses, marking an industry-first achievement.
This streamlined approach will replace the previous six-step journey, eliminating the need for downloading an app or signing up on the website, and allowing multiple customers to scan through a single QR code conveniently.
"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," Khilan Haria, SVP and Head of Payments Product, Razorpay said in a statement.
Moreover, the company said that 'UPI Autopay on QR’ is poised to empower subscription-based businesses by harnessing the widespread use of QR codes for driving rapid adoption and quick acceptance, thereby helping them unlock their next growth opportunity.
With 'UPI Autopay on QR', businesses will now be able to effortlessly broaden their reach, enhance visibility across markets, and ultimately accelerate their growth.
After creating a QR for their subscription offerings, businesses will be able to intelligently plug those in their marketing efforts across online advertisements, newspapers, billboards, websites, TV, product packaging, delivery bags, etc.
Presently, customers are required to download the merchant app or log in to a website before they can subscribe to specific offerings, however with 'UPI Autopay on QR' the process will become smooth.
Source: IANS
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