Let’s talk about the challenges a business faces when it comes to offering recurring payments options to their customers. Credit cards are the commonly-used method of subscribing for services, but credit cards are not common. Getting subscribers through physical mandate registrations involves a lot of complications. Long story short, the challenges are many and there was no easy solution. Until now, that is.
Introducing UPI AutoPay!
Get ready to experience the new normal in the payments industry. Add the ease of UPI to the awesomeness of subscriptions-based business with UPI AutoPay. Let’s dive deeper and throw some light on how UPI AutoPay can benefit your business.
Razorpay UPI AutoPay: An introduction
Razorpay is the one of the first payments partner to launch UPI AutoPay in collaboration with NPCI. This product will open up the gates to limitless opportunities for businesses and give them a chance to explore a higher number of geographies and demographies.
Here are some of the prominent features of UPI AutoPay:
- Ability to create daily, weekly, monthly, quarterly, or yearly mandates
- Transparency & power to the customers enabling them to view, suspend, or revoke a mandate via their UPI app or business website
- Timely notification by the business to their customers. The business can notify their customers 24 hours prior to the debit. They can also send a link to pause or cancel the mandate
There’s no denying the benefits of UPI AutoPay. But which are the industries or sectors that can embrace this payment method from the get-go? Lets find out.
Use cases of UPI AutoPay by Razorpay
One of the industries that have seen massive growth in recent times is Edtech. Renowned institutions and professors are working on designing full-fledged online courses for their students. Students have to pay monthly or quarterly fees for these courses, which is typically through cards. This limits the reach of these edtech businesses.
But now with UPI AutoPay, edtech business can allow their customers to pay via UPI every month. They can automatically deduct the agreed upon amount on a set date. And not just that, they can also choose to send a notification 24 hours prior to the debit as a notice. This ultimately leaves the students and their parents at peace, without bothering them about the due date, late charges and a lot more! And for the business, it allows them to onboard students who don’t have access to cards.
Health has always been an area of primary concern for every individual and their families. There has been a shift in lifestyle habits and the way people have started consulting with doctors for regular checkups. Everything ranging from consultation sessions to prescriptions to a follow-ups is now getting done online.
By adding UPI AutoPay as a payment option, businesses in this industry can offer this easy payment option to their customers. Patients can pay for recurring follow-ups through UPI AutoPay or subscribe to medicine packs that they need month-on-month. With UPI AutoPay, businesses can help their customers manage their health by giving them a stress-free payments.
Almost all of us today have subscribed to at least 2-3 OTT platforms. It can be anything from YouTube to Netflix to Spotify. While subscription numbers for these platforms have been rising, they do experience numerous cases where multiple users use the same ID. This is not because they don’t want to pay; rather because they don’t have access to recurring payment methods.
Enter UPI AutoPay. Everybody has access to UPI. Users now don’t have to depend on their friends or family members to access the content on your platform. They can use UPI AutoPay to subscribe. The content on OTT platforms deserves a larger audience, and UPI AutoPay can help do just that.
With increased awareness around investing, a lot of new investors are jumping onboard the SIP bandwagon. While the benefits of investing in mutual funds are plenty, the problems with setting up an SIP are aplenty as well. Using netbanking to invest often turns a prospective investor away.
But by offering UPI AutoPay, asset management companies and investment platforms can cut through those tedious paperwork or complicated netbanking processes. All you need is your customer’s UPI details and we will take care of the rest. With UPI AutoPay, wealth management businesses can benefit from a larger number of investors and investors can benefit from long-term investing. It truly is win-win.
Another industry that has the potential of benefitting from this latest release is health & fitness. Earlier, we spoke about how healthtech can use UPI AutoPay to keep their customers at ease. The same goes for the people running a chain of the gym, yoga centres, sports clubs etc. The fitness industry has evolved multiple folds in the last decade. They have started offering monthly and yearly memberships to individuals and families.
How about these industries offering UPI AutoPay to their customers as a payment mode for their subscription? It will make signing up quick and smooth. Add to it the ease of cancelling or changing a plan, and what you get is the best way of providing a delightful experience that improves the lifetime value of their customer.
We are at a time when most of our daily requirements are fulfilled by rental service providers. Everything ranging from your furniture to electrical appliances to vehicles is available on rent. Millennials would rather rent than own.
And what is the payment method that millennials prefer to use? UPI, of course. With UPI AutoPay, rental services can not only hold onto their existing customers but widen their base as well.
And a lot more
These are some of the top use cases for UPI AutoPay. Some of the other industries or sectors that can benefit from UPI AutoPay are NGOs, insurance providers, lending, utilities and so on.
With UPI gaining more and more traction, we can say that UPI AutoPay has a long way to go. We, at Razorpay, are looking forward to helping businesses across the board to scale-up by providing this payment method.