RBI’s Bulletin has also highlighted a 143% year-on-year growth in successful transactions under the UPIAutopay feature has been 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 in India.
Razorpay UPI Autopay on QR: How will it work
Razorpay UPI Autopay on QR will help subscription-based businesses by harnessing the widespread use of QR codes for driving rapid adoption and quick acceptance. This will help the business to get more growth opportunities.
Currently, customers are required to download the merchant app or log in to a website before they can subscribe to specific offerings. For example, if someone wants to subscribe to a particular OTT platform, they have to 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.
The lack of innovation in subscription payment methods, such as the ability to use a single QR code for multiple users to enrol in the subscription has only made things worse. With ‘Razorpay UPI Autopay on QR’, businesses will now be able to 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 use those in their marketing efforts across online advertisements, newspapers, billboards, websites, TV, product packaging, delivery bags, etc. This will enable them to drive better growth and sustain their footing in the market.
Razorpay UPI Autopay on QR: What it means for users
Razorpay UPI Autopay on QR will transform customer onboarding into a swift 2-step process. This will involve ‘scanning and paying’ in just 30 seconds. This approach will replace the previous 6-step journey and will eliminate the need for downloading an app or signing up on the website. This new method will also allow multiple customers to conveniently scan through a single QR code.
