- First payments provider to offer a comprehensive recurring payments suite including auto-debit via credit cards and e-mandate on net banking & debit cards.
- Easy addition of subscription billing for startups and fintechs.
- Supports recurring payments via Mastercard, Visa debit and credit cards, payments processed using e mandate.
Cashfree, India’s leading business payments platform, has introduced Subscriptions; a payment solution for businesses to collect recurring payments for utilities, subscription services, mutual fund SIPs, among others, with a one-time enrollment by the user.
The recurring payment solution can be used by businesses to collect periodic payments with a fixed amount and the frequency, such as monthly charges for a video streaming platform. This service also sees use cases with on-demand payments where the businesses such as bill payment platforms can define the amount and deduct it, without the customer having to enter a One Time Password (OTP) every time.
Using the Cashfree Dashboard, businesses can create subscription plans and add users via a link that can be shared over SMS, email or WhatsApp. Businesses can also integrate the Cashfree API with their internal product or ERP to automate the entire process.
Akash Sinha, CEO & Co-founder of Cashfree said, “In India’s e-commerce space, recurring payments is a new but fast-growing concept. Less than 3% of Indian bank account owners currently have credit cards. This makes recurring payment models that are available only through credit cards, a huge challenge for businesses. By introducing Subscriptions, Cashfree makes it possible for businesses to automate the whole payment collection process for repeat transactions while offering customers the widest range of payment modes. Subscriptions is already live with our first set of customers and we have seen swift adoption of the feature, especially in the cases of e-mandate payments. We expect to process more than Rs 20 Crore of recurring payments this year.”
Cashfree’s latest launch is a timely move towards enabling easy collection of recurring payments in India. As per the notification issued on August 21 this year, the Reserve Bank of India (RBI) has permitted the processing of e-mandates on cards for recurring merchant payments from September 1, 2019. At the moment, there will be no additional charges on payments made via e-mandate through Cashfree, till December 31st, 2019. In the coming weeks, Cashfree also plans on adding recurring payments via UPI.
Cashfree is a payment and banking technology company helping businesses in India collect and send money. Founded by IIIT Hyderabad graduate Akash Sinha and IIT Kharagpur graduate Reeju Datta, Cashfree enables more than 20,000 businesses with payments collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Incubated by payments pioneer PayPal, Cashfree is backed by Smilegate and Y Combinator.