Cashfree Payments, a leading provider of payments and API banking solutions, has announced the launch of ‘AutoPay on QR’ in partnership with the National Payments Corporation of India (NPCI). The technology helps subscription-based organisations to improve client acquisition, retention, and quick expansion.
By enabling mandate generation in two clicks, Cashfree Payments‘ ‘AutoPay on QR’ helps subscription-based businesses increase their return on investment (ROI) on ad expenses. Subscription-based businesses can effectively integrate their subscription QR codes into numerous marketing channels such as online ads, newspapers, websites, television, and product packaging, increasing the value of promotional efforts.
To subscribe to an investment, content publishing, or OTT platform, for example, users must first download the app, create an account, select a plan, proceed with their preferred payment service provider (PSP), and then access the subscription, resulting in a bad onboarding experience. The ‘Autopay on QR’ feature from Cashfree Payments streamlines the customer onboarding process into a two-step process that comprises scanning the QR code and accepting an e-mandate via UPI apps within 30 seconds. This eliminates the need to download an app or register on the website, instead activating a unique subscription for each consumer directly. Cashfree Payments’ ‘AutoPay on QR’ is meant to quickly, conveniently, and securely convert one-time clients into paying subscribers.
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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.”
