Further to its commitment to empowering businesses with new capabilities to drive higher growth and conversions, Razorpay, India’s Leading Full-Stack Payments, and Business Banking Platform today announced the launch of ‘’Razorpay UPI Autopay on QR’ in collaboration with NPCI at the Global Fintech Fest 2023. Unveiled by Khilan Haria – SVP & Head of Payments Product, Razorpay; and Sateesh Palagiri – Chief Mobility Solutions, NPCI and Shahabuddin Sheikh – Chief Technology Office, ALTT (Alt Balaji), this pioneering solution aims to streamline and simplify the challenges associated with expanding and maintaining subscription-based businesses, marking an industry-first achievement.
Today, UPI Autopay has emerged to become a ubiquitous way for making recurring payments with RBI Bulletin highlighting a 143% year-on-year growth in successful transactions under the UPI Autopay feature. Being prevalent across various realms of businesses, from OTT platforms to investments and insurance, UPI Autopay is on its way to becoming the second nature of accepting and making recurring payments with ease, in India. ‘Razorpay UPI Autopay on QR’ is poised to empower subscription-based businesses by harnessing the widespread use of QR codes for driving rapid adoption and quick acceptance, thereby helping them unlock their next growth opportunity.
Currently, customers are required to download the merchant app or log in to a website before they can subscribe to specific offerings. For instance, if someone wishes to subscribe to a particular OTT platform, they must navigate through the entire process of visiting the platform’s website or landing page, logging in with their credentials, and then making a payment after selecting their preferred payment service provider app. To amp up their growth and widen their customer base for their subscription offerings, businesses need to be equipped with cutting-edge tech tools that can streamline their marketing channels. The lack of innovation in subscription payment methods, such as the ability to use a single QR code for multiple users to enroll in the subscription, has only added to this struggle.
With ‘Razorpay UPI Autopay on QR’, businesses will now be able to effortlessly broaden their reach, enhance visibility across markets, and ultimately accelerate their growth. After creating a QR for their subscription offerings, businesses will be able to intelligently plug those in their marketing efforts across online advertisements, newspapers, billboards, websites, TV, product packaging, delivery bags, etc. enabling them to drive better growth and strongly sustain their footing in the market. Revolutionising the operational dynamics of subscription-based businesses, Razorpay UPI Autopay on QR will transform customer onboarding into a swift 2-step process, involving ‘scanning and paying’ under just 30 seconds. This streamlined approach replaces the previous 6-step journey, eliminating the need for downloading an app or signing up on the website, and allows multiple customers to conveniently scan through a single QR code.
Commenting on the launch of the product, Khilan Haria, SVP and Head of Payments Product, Razorpay said, “We embarked on a steadfast mission to provide businesses with optimal results, leveraging the synergy of India’s digital payments ecosystem and our technological expertise. Introducing ‘Razorpay UPI Autopay on QR’ innovation felt like a natural step in this direction. With subscription-based businesses such as OTT platforms, and insurance providers having already established themselves in metropolitan and Tier 1 cities, Razorpay UPI Autopay on QR will play a pivotal role in their next phase of growth. By simplifying payments for these businesses and their customers, we aim to help them reach a broader audience and achieve higher sales while elevating the customer journey.”
With its focus on building the country’s fintech infrastructure, Razorpay has endeavored to bring innovative and seamless payment solutions to over 10 Million businesses. The company’s razor-sharp focus on building India’s financial backbone has made it the preferred platform for growing Indian businesses to scale their business.