Cashfree Payments, a leading payments and API banking solutions company, has announced the launch of 'AutoPay on QR' in collaboration with National Payments Corporation of India (NPCI). The solution enables subscription-based businesses to enhance customer acquisition, supporting retention, and facilitating rapid growth.
Cashfree Payments' 'AutoPay on QR' helps subscription-based businesses to boost return on investment (ROI) on ad spends by enabling mandate creation in 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, enhancing the value derived from promotional campaigns.
For example, to subscribe to an investment, content publishing or OTT platform today, customers need to first download the app, set up an account, choose the plan, proceed with the payment service provider (PSP) app of choice and then access the subscription, resulting in poor onboarding experience. Cashfree Payments' 'Autopay on QR' 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 necessity 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.
Commenting on the launch of the product, Akash Sinha, CEO & 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."
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its Payouts and is also among the leading online payment aggregators. India's largest lender, SBI invested in Cashfree Payments underscoring the company's role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company's products. Cashfree Payments is also integrated with major platforms such as Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.