In a significant stride towards enhancing the efficiency of subscription-based businesses, Razorpay has joined forces with the National Payments Corporation of India (NPCI) to unveil “UPI Autopay on QR.” This groundbreaking solution, unveiled at the Global Fintech Fest 2023, seeks to simplify the complexities associated with managing and expanding subscription-based models. UPI Autopay has rapidly gained traction as a preferred method for handling recurring payments in India.
The Surge of UPI Autopay
The Reserve Bank of India’s Bulletin has highlighted a remarkable 143% year-on-year growth in successful transactions using the UPI Autopay feature. This surge has encompassed a wide spectrum of industries, from Over-the-Top (OTT) platforms to investments and insurance. UPI Autopay is swiftly becoming second nature for both consumers and businesses in India, revolutionizing the landscape of recurring payments.
Razorpay UPI Autopay on QR: Simplifying the Path to Subscription
Razorpay’s UPI Autopay on QR is poised to revolutionize subscription-based businesses by leveraging the ubiquitous presence of QR codes. This innovation is aimed at driving rapid adoption and facilitating swift acceptance of subscriptions, ultimately unlocking growth opportunities for businesses.
Traditionally, customers had to navigate a multi-step process, including downloading a merchant app or logging into a website, before subscribing to a service. For instance, to access a specific OTT platform, users were required to visit the platform’s website or landing page, log in with their credentials, and then select their preferred payment service provider app to complete the transaction.
The lack of innovation in subscription payment methods, especially the absence of a seamless mechanism to utilize a single QR code for multiple users to enroll in a subscription, compounded the complexity. With “Razorpay UPI Autopay on QR,” businesses can now expand their reach, enhance visibility across markets, and accelerate their growth trajectory.
Unlocking Market Potential
Businesses can create QR codes for their subscription offerings and incorporate them into various marketing channels, including online advertisements, newspapers, billboards, websites, television, product packaging, delivery packaging, and more. This strategic approach empowers them to achieve robust growth and maintain a competitive edge in the market.
Enhanced User Experience: A Swift Two-Step Process
For users, Razorpay UPI Autopay on QR represents a paradigm shift in customer onboarding. It streamlines the process into a swift two-step journey—simply “scan and pay” in as little as 30 seconds. This streamlined approach replaces the previous six-step process, eliminating the need for app downloads or website sign-ups. Moreover, multiple customers can efficiently subscribe through a single QR code, simplifying the experience for both businesses and consumers alike.
In conclusion, Razorpay’s UPI Autopay on QR is poised to redefine subscription payments, making it a hassle-free and efficient process for businesses and consumers. With its potential to drive rapid adoption and simplify onboarding, this innovation marks a significant step forward in the evolution of subscription-based business models in India.
