Cashfree Payments Partners with NPCI for 'AutoPay on QR'
Cashfree Payments, a prominent player in the payments and API banking solutions sector, has joined forces with the National Payments Corporation of India (NPCI) to unveil a groundbreaking solution called ‘AutoPay on QR.’ This innovative offering is poised to empower subscription-based businesses, boosting their customer acquisition, retention, and overall growth prospects.
One of the standout features of Cashfree Payments’ ‘AutoPay on QR’ is its ability to simplify the process of mandate creation for subscription services. This two-click solution not only enhances user convenience but also promises to significantly improve return on investment (ROI) for businesses investing in advertising campaigns.
Subscription-based enterprises can seamlessly integrate their subscription QR codes into various marketing channels, including online ads, newspapers, websites, TV, and product packaging. This integration enhances the effectiveness of promotional campaigns, ultimately driving more value for businesses.
Traditionally, subscribing to services like investments, content publishing, or OTT platforms involved a multi-step process that included downloading an app, setting up an account, selecting a plan, choosing a payment service provider (PSP) app, and accessing the subscription.
This cumbersome onboarding experience is now transformed into a swift two-step workflow with Cashfree Payments’ ‘AutoPay on QR.’ Users can simply scan the QR code and approve an e-mandate via UPI apps, all within 30 seconds. This eliminates the need to download an app or register on a website and directly activates a unique subscription for each customer.
Akash Sinha, CEO & Co-founder of Cashfree Payments, expressed optimism about the launch, stating that it will empower merchants to convert users into loyal, lifetime customers. By simplifying the payment process, ‘AutoPay on QR’ is set to enhance the overall user experience and bolster customer satisfaction.
Cashfree Payments has established strong partnerships with banks to build the essential payments and banking infrastructure that underpins its product offerings. Moreover, the company is seamlessly integrated with major platforms like Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay, further expanding its reach and accessibility.
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