Cashfree and NPCI Join Forces to Unleash QR-Powered AutoPay Empowering Subscription-Based Enterprise

15, Sep 2023 277

"Revolutionizing Subscription Success: Cashfree Payments and NPCI Introduce 'AutoPay on QR'"

Cashfree Payments, a prominent player in the payment and API banking solutions realm, has embarked on a groundbreaking venture in partnership with the National Payments Corporation of India (NPCI). Their latest offering, 'AutoPay on QR,' promises to be a game-changer for subscription-based businesses, offering them a golden ticket to elevate customer acquisition, fortify retention strategies, and fuel rapid expansion.

Elevating Subscription Onboarding with 'AutoPay on QR'

The innovative 'AutoPay on QR' solution by Cashfree Payments is poised to empower subscription-based enterprises to maximize their return on investment (ROI) from advertising expenditures. This is accomplished through a remarkably simplified mandate creation process, achievable in just two clicks. Subscription-based businesses can seamlessly integrate their custom QR codes into an array of marketing channels, spanning online advertisements, print media, websites, television, and product packaging. This strategic integration not only amplifies the effectiveness of promotional campaigns but also optimizes the overall customer experience.

Traditionally, subscribing to services like investments, content platforms, or OTT (Over-the-Top) entertainment required a cumbersome sequence of actions: downloading an app, creating an account, selecting a subscription plan, navigating to a preferred payment service provider (PSP) app, and finally gaining access to the desired content. This convoluted process often led to customer frustration and attrition. However, with Cashfree Payments' 'AutoPay on QR,' the onboarding journey has been streamlined into a swift two-step affair. Customers need only scan the QR code and authorize an electronic mandate through UPI (Unified Payments Interface) apps, a process that takes a mere 30 seconds. This groundbreaking approach eliminates the need for app downloads or website registrations and promptly activates a bespoke subscription for each customer. Cashfree Payments' 'AutoPay on QR' aims to seamlessly convert one-time customers into loyal paying subscribers, all while ensuring a secure and hassle-free experience.

About Cashfree Payments

Founded by Akash Sinha, an alumnus of IIIT Hyderabad, and Reeju Datta, a graduate of IIT Kharagpur, Cashfree Payments has solidified its position as one of India's premier payment service providers, facilitating transactions worth a staggering $40 billion annually. With over 50% market share in payment processing, Cashfree Payments leads the industry in bulk disbursals in India, thanks to its innovative Payouts platform. The company is also a leading online payment aggregator. Notably, the State Bank of India (SBI), India's largest lender, has invested in Cashfree Payments, recognizing the company's pivotal role in shaping a robust payments ecosystem. Cashfree Payments collaborates closely with major banks to construct the fundamental payments and banking infrastructure that powers its suite of products. Furthermore, it boasts integration with major platforms such as Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay.

Cashfree Payments serves as the backbone for over 300,000 businesses, facilitating a range of financial operations, including payment collections, vendor payouts, wage disbursements, bulk refunds, expense reimbursements, and loyalty programs. Beyond India, Cashfree Payments' products have made their mark in eight other countries, including the United States, Canada, and the UAE. The company enjoys the support of prominent investors like Silicon Valley's Y Combinator, Apis Partners, SBI, and it incubated under the guidance of PayPal.

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Cashfree and NPCI Join Forces to Unleash QR-Powered AutoPay Empowering Subscription-Based Enterprise

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