Cashfree Payments partners with NPCI to launch customer on-boarding feature

'AutoPay on QR' end the necessity to download an app or register on a website, says company

Cashfree Payments, a financial technology company, on Tuesday announced the launch of ‘AutoPay on QR’ in collaboration with National Payments Corporation of India (NPCI).

The feature enables customer on-boarding through a two-step workflow of scanning a QR code and approving an e-mandate via Unified Payments Interface (UPI) apps within 30 seconds.

The company, which specialises in API banking solutions and payments, said ‘AutoPay on QR’ eliminates the necessity to download an app or register on a website as it directly activates a unique subscription for every customer.

The feature will enhance customer acquisition, support retention, and facilitate growth for subscription-based businesses, said Cashfree in a statement.

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“The launch 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,” said Akash Sinha, chief executive officer and cofounder of Cashfree Payments.

The company said it has more than 300,000 businesses and provides services such as payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards.

The company’s products are used in India, USA, Canada, UAE and other countries. The company was incubated by PayPal is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI)

The company processes transactions worth $40 billion annually and it is integrated with platforms such as Shopify, Wix, PayPal, Amazon Pay, Paytm, and Google Pay.

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Last week, NPCI launched features for UPI which include credit line on UPI, conversational payment mode ‘Hello UPI’, BillPay Connect, UPI Tap & Pay and UPI Lite X.