Cashfree Payments, a prominent player in the financial technology sector, has partnered with the National Payments Corporation of India (NPCI) to introduce ‘AutoPay on QR.’ This innovative feature simplifies the customer onboarding process through a two-step workflow that involves scanning a QR code and approving an e-mandate via Unified Payments Interface (UPI) apps, all accomplished in a swift 30 seconds.
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This development represents a significant advancement in convenience, eliminating the need to download an Application or register on a website. Instead, it directly activates a personalized subscription for each customer.
Cashfree underscored that ‘AutoPay on QR’ will have a positive impact on customer acquisition, bolster retention, and promote growth for businesses operating on a subscription-based model.
Akash Sinha, the CEO and co-founder of Cashfree Payments, shared insights on the launch, highlighting its potential to convert users into lifelong customers. He emphasized the company’s commitment to addressing businesses’ needs by delivering innovative, efficient solutions that enhance operational efficiency and facilitate rapid expansion.
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Cashfree serves over 300,000 businesses and offers a wide range of services, including payment collections, vendor payouts, wage disbursements, bulk refunds, expense reimbursements, and loyalty and rewards programs.
The company’s footprint extends beyond India, encompassing markets such as the USA, Canada, the UAE, and several other countries. Initially incubated by PayPal, Cashfree has garnered support from Silicon Valley investor Y Combinator, Apis Partners, and the State Bank of India (SBI).
Cashfree Payments processes transactions worth $40 billion annually and seamlessly integrates with platforms like Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay.
In a related development, NPCI recently introduced several new features for UPI, including a credit line option on UPI, ‘Hello UPI’ for conversational payments, BillPay Connect, UPI Tap & Pay, and UPI Lite X.