Cashfree Payments Partners with NPCI to Launch ‘AutoPay on QR’ for Subscription-based Businesses

Cashfree Payments Partners with NPCI to Launch ‘AutoPay on QR’ for Subscription-based Businesses
Cashfree Payments Partners with NPCI to Launch ‘AutoPay on QR’ for Subscription-based Businesses

Cashfree Payments has announced the launch of ‘AutoPay on QR’ in collaboration with NPCI. The solution would enable businesses to boost ROI on advertising expenditures.

Cashfree Payments, a leading payment, and API banking solutions company, has announced the launch of ‘AutoPay on QR’ in collaboration with the National Payments Corporation of India (NPCI). The new solution enables subscription-based businesses to enhance their customer acquisition, support retention, and facilitate rapid growth.

‘AutoPay on QR' Streamlines Subscription Onboarding

Cashfree Payments' ‘AutoPay on QR’ facilitates subscription-based businesses to boost return on investment (ROI) on ad spends by enabling mandate creation in just two clicks. Subscription-based businesses can seamlessly integrate their subscription QR codes into various marketing channels, including online ads, newspapers, websites, TV, and product packaging, improving the value derived from promotional campaigns.

So far, to subscribe to an investment, content publishing, or OTT platform, customers needed to first download the app, set up an account, choose the plan, proceed with the payment service provider (PSP) app of choice, and then could access the subscription, which resulted in poor onboarding experience. Cashfree Payments ‘Autopay on QR’ now transforms the customer onboarding process into a swift two-step workflow, which includes scanning the QR code and approving an e-mandate via UPI apps within 30 seconds. This eliminates the mandate to download an app or register on the website and directly activates a unique subscription for each customer. Cashfree Payments' ‘AutoPay on QR’ is designed to turn one-time customers into paying subscribers, swiftly, seamlessly, and securely.

CEO & Founder’s Comment

Commenting on the launch of the product, Akash Sinha, CEO and co-founder, Cashfree Payments, said, “We are excited to partner with NPCI and launch ‘AutoPay on QR’, which empowers businesses to offer an elevated experience during the subscription activation process, while taking greater control of their business’ growth journey. This will help the merchants convert their users into lifetime customers by making it easier for users to pay. Our commitment remains centered on addressing the needs of businesses, driving the development of innovative and efficient solutions that enhance their operational effectiveness, and foster rapid growth.”

About Cashfree Payments

Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, Cashfree Payments is among the leading payment service providers in India, processing transactions worth $40 billion annually. Cashfree Payments today, with over 50% market share among payment processors, leads the way in bulk disbursals in India with its Payouts and is also among the leading online payment aggregators. State Bank of India (SBI), the largest lender in India, invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. The company works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products. It is also integrated with major platforms such as Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay.

Cashfree Payments enables more than 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty, and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the United States, Canada, and the UAE. The company is backed by Silicon Valley investor Y Combinator, Apis Partners, SBI, and was incubated by PayPal.

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