Payments solution provider Razorpay has partnered with Mastercard to launch ‘MandateHQ’ – a payment interface that will help card-issuing banks to enable recurring payments for its customers.
Daily Current Affairs Quiz 2021
Razorpay, which is backed by Sequoia Capital, GIC, and others, aims to integrate MandateHQ with more than 50 banks in the next 12 months.
This directive is applicable to all recurring payments which were earlier debited automatically from customers’ cards (credit/debit/prepaid) for mobile, utility, other recurring bills as well as subscription payments like OTT streaming services.
Razorpay’s Mandate HQ is an API-based plug-n-play solution that reduces the go-live time for any card issuing bank that wishes to enable recurring payments for its customers.
MandateHQ will also enable businesses, especially subscription-based businesses, to get access to a wider customer base, who use debit cards, as recurring payments were mostly supported via credit cards previously.
