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.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
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:
Dr. Bhimrao Ramji Ambedkar, also known as the "Father of the Indian Constitution," was a…
The RBI Governor is the Chief Executive Officer of the Central Bank of India and the…
Chaudhary Charan Singh (23 December 1902 – 29 May 1987) was a prominent Indian politician…
Rajasthan is a state in north-western India, known for its rich history, beautiful palaces, forts…
PV Sindhu is one of India's most celebrated badminton players, known for her exceptional skills,…
Wood is a natural material used in furniture, tools and decoration. It comes from trees…