Fintech company Cashfree Payments has launched ‘AutoPay on QR’ in collaboration with the National Payments Corporation of India (NPCI).
The feature helps in the customer onboarding process through a two-step workflow of scanning the QR code and approving an e-mandate via UPI apps within 30 seconds.
The company said that ‘AutoPay on QR’ 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 would enable subscription-based businesses to enhance customer acquisition, support retention, and facilitate rapid growth, said the company statement.
“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 fostering rapid growth,” said Akash Sinha, CEO and co-founder, Cashfree Payments.
The company said that it enables more than 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty, and rewards.
Apart from India, its products are used in eight other countries, including the USA, Canada, and the UAE.
Backed by Y Combinator, Apis Partners, the State Bank of India (SBI), and incubated by PayPal, Cashfree Payments has raised a total of $42 million in funding over five rounds.
