Razorpay has partnered with Mastercard to launch ‘MandateHQ’. It is a payment interface that will help card-issuing banks to enable recurring payments for their customers. It must be noted that the Reserve Bank of India had issued a framework for processing e-mandates on recurring online transactions. The product by Razorpay is a step in this direction.
About the MandateHQ:
The MandateHQ solution can be fully integrated with any bank within seven days. Razorpay’s Mandate HQ is an API-based plug-n-play solution that reduces the go-live time for any card issuing bank that wishes to enable recurring payments for its customers. MandateHQ will also enable businesses, especially subscription-based businesses, to get access to a wider customer base, who use debit cards, as recurring payments were mostly supported via credit cards previously.
Important takeaways for all competitive exams:
- Razorpay Founded: 2013;
- Razorpay CEO: Harshil Mathur (May 2014–);
- Razorpay Headquarters location: Bengaluru;
- Mastercard Headquarters: New York, United States.
- Mastercard President: Michael Miebach.